B U L L E T I N

DECEMBER 2019

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

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E

T I N

The Treasury Bulletin is for sale 

by the Superintendent of Documents

U.S. Government Printing Office 

Washington, D.C. 20402.
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Bureau of the Fiscal Service, Cash Accounting and Reporting Division. Statistical data is 

compiled from sources within Treasury departmental offices and bureaus, as well as various 

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Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Bureau of the Fiscal Service’s home page. 

www.fiscal.treasury.gov 
December 2019 

Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators ........................................................................................................................ 3

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 8 

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ....................... 9 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 11 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 11 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 12 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 13 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 15 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 17

FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 18 

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 22 

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 28 

FD-1—Summary of Federal Debt ....................................................................................................................................... 29 

FD-2—Debt Held by the Public .......................................................................................................................................... 30 

FD-3—Government Account Series .................................................................................................................................... 31 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 32 

FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 33 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 34 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 35

FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 37 

TREASURY FINANCING ................................................................................................................................................. 37 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 47 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 48 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 50 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 51 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 52

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 53 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 53 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 54

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 
December 2019 

IV

Table of Contents 

Introduction—Foreign Currency Positions .......................................................................................................................... 57 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 58 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 59 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 59 

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 60 

FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 61 

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 61 

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 62 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 63 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 63 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 64 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 65 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 65 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 66 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 67 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 67 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 68 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 69 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 69 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 70 

ESF-1—Balance Sheet ........................................................................................................................................................ 70 

ESF-2—Income and Expense .............................................................................................................................................. 71

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 75 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 75

GLOSSARY ........................................................................................................................................................................ 76

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding;

n.a. = Not available.
V 

Decemeber 2019

Nonquarterly Tables and Reports 

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

FFO-5.—Internal Revenue Receipts by State ........................................................... √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports ............................................................................... √

Special Reports 

Financial Report of the United States Government excerpt ...................................... √

Trust Fund Reports:

Agriculture Disaster Relief Trust Fund ............................................................. √

Airport and Airway Trust Fund ........................................................................ √

Black Lung Disability Trust Fund .................................................................... √

Harbor Maintenance Trust Fund ....................................................................... √

Hazardous Substance Superfund ....................................................................... √

Highway Trust Fund ......................................................................................... √

Inland Waterways Trust Fund ........................................................................... √

Leaking Underground Storage Tank Trust Fund .............................................. √

Nuclear Waste Fund .......................................................................................... √

Oil Spill Liability Trust Fund ........................................................................... √

Patient Centered Outcomes Research Trust Fund ............................................. √

Reforestation Trust Fund .................................................................................. √

Sport Fish Restoration and Boating Trust Fund ................................................ √

United States Victims of State Sponsored Terrorism Fund .............................. √

Uranium Enrichment Decontamination and Decommissioning Fund ............... √

Vaccine Injury Compensation Trust Fund ........................................................ √

Wool Research, Development, and Promotion Trust Fund ............................... √
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations 

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
December 2019

3

Profile of the Economy

[Source: Office of Macroeconomic Analysis]

As of November 6, 2019

Introduction

Even with global headwinds and domestic manufacturing 

disruptions, the U.S. economy continues to grow at a steady 

pace. In November, the current, record-long expansion 

entered its 125th month, and recent economic reports have 

signaled solid job creation and strong wage gains, subdued 

inflationary pressures, and a firmer footing in the housing 

sector. The advance estimate for real GDP in the third 

quarter of 2019 showed the economy grew at an annual rate 

of 1.9 percent, very close to the 2.0 percent annual rate in the 

second quarter. Since the end of 2018, real GDP has grown 

2.3 percent at an annual rate, and private forecasters 

predicted in October that growth in 2019 will be 2.2 percent 

on a Q4-over-Q4 basis, before slowing to 1.6 percent in 

2020. In contrast, the Administration has a strong belief in 

the resilience of the American economy. After temporary 

headwinds fade, it expects that enactment of its pro-growth 

policies will spur economic growth to near 3 percent as 

investment recovers and productivity accelerates.

Economic Growth

According to the advance estimate, real GDP grew at an 

annual rate of 1.9 percent in the third quarter of 2019, 

following the second quarter’s 2.0 percent pace. However, 

the Council of Economic Advisors estimates that growth 

would have been 0.3 percentage point higher in the third 

quarter, but for the ongoing problems at Boeing in 

connection with the grounding of the Boeing 737 MAX 

airplane as well as the now-resolved United Auto Workers 

strike at General Motors. Slowing global growth also partly 

restrained the domestic expansion. Private domestic final 

purchases – the sum of personal consumption, business fixed 

investment, and residential investment – increased by 2.0 

percent at an annual rate in the third quarter, after 

accelerating sharply to 3.3 percent in the second quarter.

Real personal consumption expenditures grew at a solid 

2.9 percent annual rate in the third quarter, following an 

advance of 4.6 percent in the second quarter. The latter rate 

represented a quadrupling of these expenditures from the 

first quarter’s 1.1 percent annual rate, and marked the fastest 

rate of consumer spending since 2017 Q4. Outlays on goods 

drove consumption in the third quarter, rising 5.5 percent at 

an annual rate: spending on durable goods increased 7.6 

percent while nondurable goods expenditures were up 4.4 

percent. Expenditures on services rose 1.7 percent in the 

third quarter. On balance, real personal consumption 

expenditures in Q3 made the largest contribution to growth, 

adding 1.9 percentage points.

Growth of Real GDP

 (Quarterly percent change at annual rate)

Business fixed investment declined 3.0 percent at an 

annual rate in the third quarter, after a 1.0 percent decline in 

the second quarter. Decreased investment on oil and gas 

drilling rigs has partly driven double-digit declines in 

structures investment in each of these quarters. Spending on 

structures fell 15.3 percent at an annual rate in the third 

quarter, following an 11.1 percent decline in the second 

quarter. Equipment investment decreased 3.8 percent in the 

third quarter, partly reflecting the continued grounding of the 

Boeing 737 MAX airplane, after rising at a modest 0.8 

percent pace in the second quarter. However, fixed 

investment in intellectual property products accelerated to a 

6.6 percent annual rate in the third quarter from a 3.6 percent 

pace in the second quarter. Overall, business fixed 

investment subtracted 0.4 percentage point from growth in 

the third quarter. Inventory accumulation posed only a 

modest drag on growth in the third quarter, subtracting 0.1 

percentage point from real GDP, after subtracting 0.9 

percentage point in the second quarter.

Residential investment expenditures have been driven 

lower in the six quarters ending in 2019 Q2, reflecting a 

sharp reduction in the value of residential construction put in 

place since Spring 2018. However, residential investment 
4 PROFILE OF THE ECONOMY

December 2019 

rose 5.1 percent at an annual rate in the third quarter, 

reversing sharply from the 2.9 percent decline in the second 

quarter. The reversal was due to an ongoing improvement in 

the housing sector as reflected in sales, starts and permits, 

builder confidence, and affordability. Existing home sales, 

which account for 90 percent of all home sales, are almost 

4.0 percent higher over the 12 months through September, 

and new single-family home sales have grown by 15.5 

percent over the same period. Total housing starts are up 1.6 

percent over the 12 months ending in September, and for 

eight of the past nine months, total building permits have 

remained above total housing starts, pointing to a further 

pickup in homebuilding in coming quarters. Consistent with 

these signs, the National Association of Home Builder’s 

home builder confidence index ticked up to 71 points in 

October, a 20-month high. Although inventories of homes 

for sale have firmed from 2018 average levels, they remain 

relatively low compared to historical averages. 

Affordability has improved as well: monthly and 12-month 

measures of house prices have slowed considerably, though 

12-month growth rates continue to exceed core inflation and

income gains. In addition to slower growth in home prices,

mortgage rates have declined nearly 11⁄4 percentage points

from levels seen last fall, also contributing to greater

affordability.

Total government spending rose 2.0 percent at an annual 

rate in the third quarter, following a 4.8 percent advance in 

the second quarter. Over the past seven quarters, 

government spending has added 0.4 percentage points, on 

average, to GDP growth. Federal outlays rose 3.4 percent in 

the third quarter, after surging in the second quarter by 8.3 

percent – the latter was the fastest pace in 10 years. State 

and local government spending has been growing a bit faster 

this year, increasing 1.1 percent in the third quarter of 2019 

after rising 2.7 percent in the second quarter and 3.4 percent 

in the first quarter. Altogether, government spending added 

0.4 percentage point to real GDP growth in the third quarter. 

The bipartisan budget deal that was signed at the beginning 

of August has helped reduce fiscal uncertainty and should 

provide stimulus in the next two years. 

The U.S. trade deficit widened modestly in the third 

quarter of 2019. Exports rose 0.7 percent, while import 

growth accelerated to 1.2 percent. After posing a drag on 

growth of 0.7 percentage point in the second quarter, net 

exports posed only a slight drag in the third quarter, 

subtracting 0.1 percentage point from real GDP. 

Labor Markets and Wages

In the fall of 2019, the unemployment rate fell to its 

lowest level since December 1969. After reaching a 49-year 

low of 3.5 percent in September, the unemployment rate 

edged up to 3.6 percent in October, entirely due to rising 

labor force participation. The Tax Cuts and Jobs Act 

(TCJA) has helped draw workers back into the labor force, 

and in numbers that have helped offset the downward 

pressure on participation from the aging population. In 

October, the overall labor force participation rate (LFPR) 

rose to 63.3 percent, a six-year high, and the prime-age 

LFPR increased to 82.8 percent, a 10-year high. 

Payroll Employment

(Average monthly change in thousands between quarters)

Broader measures of unemployment have also continued 

to improve in recent labor reports. The most comprehensive 

measure of labor market slack, the U-6 unemployment rate, 

which includes those marginally attached to the labor force 

and those working part-time for economic reasons, stood at 

7.0 percent in October, just above September’s 18-year low 

of 6.9 percent. The unemployment rate of those unemployed 

for 27 weeks or more, as a share of the unemployed, stood at 

21.5 percent in October, a bit higher than the 11-year low of 

19.2 percent reached in July. 

Meanwhile, job creation has continued at a solid 

pace. In October, employers added 128,000 new jobs, 

even with downward pressures from the UAW strike at 

GM and the layoff of temporary Census workers. 

Although job creation thus far in 2019 has slowed 

somewhat from last year, the average growth of 167,000 

jobs per month is more than sufficient to maintain full 

employment in the economy. 

Rapid wage gains have been a consistent feature of the 

economy for well over a year and, more recently, have 

ramped up to a sustained pace around 31⁄2 percent for 

nearly a half year. Private-sector production and 

nonsupervisory workers have seen nominal wage 

growth at or above 3 percent for the past 15 months; 

for the past six months, nominal wage gains have 

fluctuated between 3.4 percent and 3.5 percent. Over the 12 

months through October, nominal wages for these workers 

grew 3.5 percent, accelerating from the 3.2 percent pace a 

year earlier. Using the CPI-W to deflate the nominal 

rate, real average hourly earnings for private production 

and nonsupervisory workers grew 1.9 percent over the 

year through September 2019 (latest data 
PROFILE OF THE ECONOMY 5

December 2019

available), much faster than the 0.7 percent gain over the 

previous 12-month period.

Unemployment Rate

(Percent)

Nonfarm Productivity of Labor

For the past twelve quarters, four-quarter nonfarm labor 

productivity growth rates have remained above 1 percent, a 

consistency not seen since 2004. Over the four quarters 

through 2019 Q3, productivity growth rose by 1.4 percent, in 

line with average annual productivity growth realized since 

2005. Quarterly productivity gains were strong in the first 

and second quarters of 2019, rising by 3.5 percent and 2.5 

percent, respectively, at an annual rate. In the third quarter, 

however, productivity growth declined by 0.3 percent at an 

annual rate, as real output grew 2.1 percent but hours 

worked jumped up by 2.4 percent. The rise in hours worked 

reflected an unusually large jump in a volatile component, 

self-employed hours, which contributed about 2 percentage 

points to overall hours worked in the third quarter, which in 

turn drove the decline in productivity.

Hourly compensation costs in the nonfarm business 

sector rose 3.3 percent at an annual rate in the third quarter, 

building on the second quarter’s 4.9 percent pace. Over the 

most recent four quarters, hourly compensation costs rose 

4.5 percent, the fastest four-quarter advance since 2012 Q4. 

Unit labor costs, defined as the average cost of labor per unit 

of output, rose 3.6 percent at an annual rate in the third 

quarter, following a 2.4 percent increase in the second 

quarter. These costs were up 3.1 percent over the latest four 

quarters. 

Although the nonfarm compensation measure does not 

provide detailed data on how its components have moved 

recently, the Employment Cost Index (ECI) provides 

perspective on growth of the main components of 

compensation. The ECI for total nominal compensation for 

all civilian workers rose 2.8 percent in the 12 months 

through September 2019. Wages and salaries were up 2.9 

percent through September 2019 from a year earlier, while 

costs of non-wage benefits rose 2.3 percent over the year 

through September 2019.

Industrial Production, Manufacturing, and 

Services

A variety of measures of industrial production, 

manufacturing, and services reached multi-year highs in 

2018, but have trended lower this year.

Industrial output at factories, mines, and utilities 

advanced 1.2 percent at an annual rate in the third quarter of 

2019, following a 2.2 percent decline in the second quarter. 

However, over the 12 months ending in September, output 

was down 0.1 percent.

Manufacturing production, which accounts for about 75 

percent of all industrial output, rose 1.1 percent at an annual 

rate in the third quarter of 2019, after declining 3.2 percent 

in the second quarter. The third quarter was noteworthy for 

strong gains in the production of durable goods including 

motor vehicles and parts, high-technology goods, and 

aerospace and other transportation equipment. During the 

third quarter of 2019, motor vehicle production – which can 

be very volatile – advanced 6.2 percent at an annual rate. 

The UAW strike at General Motors in September and 

October had a modest impact on automotive output in the 

third quarter. Meanwhile, the output of selected high tech 

manufacturing increased 7.3 percent at an annual rate. 

However despite the quarterly increase, manufacturing 

output was down 0.9 percent over the 12 months through 

September. Excluding motor vehicles and parts and hightechnology industries, manufacturing increased 0.5 percent 

at an annual rate during the third quarter but was down 0.6 

percent over the year through September.

Output at mines, which includes crude oil extraction and 

accounts for 15 percent of industrial output, declined 4.4 

percent in the third quarter of 2019, following an 8.1 percent 

surge in the second quarter. Over the 12 months through 

September, mining output rose 2.6 percent. 

Utilities output, the remaining 10 percent of total 

industrial output, jumped 10.8 percent at an annual rate in 

the third quarter, following an 8.5 percent decline in the 

second quarter of 2019. Weather is usually a factor 

contributing to swings in this sector; unseasonable weather 

in quarters often causes sharp swings in output from one 

period to the next. Over the 12 months through September, 

utilities production was up 1.2 percent.

Other measures of manufacturing and services 

production in the economy have declined noticeably from 

last year’s multi-year highs. In 2018, the Institute of Supply 

Management’s (ISM) manufacturing index averaged 58.8. 

Yet in October 2019, it was 48.3, below the 50-point growth 

threshold for the third consecutive month. Indeed, recent 
6 PROFILE OF THE ECONOMY

December 2019

reports have indicated the first multi-month contraction 

signal for the manufacturing sector since early 2016. In the 

service sector, the ISM’s non-manufacturing index averaged 

58.9 points in 2018. In October, the non-manufacturing 

index rebounded 2.1 points to 54.7, pointing to continued 

expansion in business service activity, albeit at a slower pace 

than in 2018.

Prices

According to several measures, consumer price inflation 

has been slowing at the headline level for well over one 

year. Over the 12 months through September 2019, the 

consumer price index (CPI) for all items rose 1.7 percent, 

slowing from the 2.3 percent, 12-month reading over the 

year through September 2018. Energy prices have declined 

significantly since the summer of 2018; over the year 

through September 2019, energy prices dropped 4.8 percent, 

reversing the 4.8 percent advance a year earlier. Food price 

inflation has trended higher thus far in 2019: food prices 

advanced 1.8 percent over the 12 months through September 

2019, accelerating from the year-earlier pace of 1.4 percent. 

The core CPI (which excludes food and energy) rose by 2.4 

percent over the year through September, also accelerating 

from the 2.2 percent increase over the year through 

September 2018.

Consumer Prices

(Percent change from a year earlier)

Headline inflation, as measured by the Personal 

Consumption Expenditures (PCE) price index (the Federal 

Reserve’s preferred measure of inflation), has run below the 

Federal Reserve’s 2 percent target for 11 consecutive 

months. Over the year ending in September 2019, PCE 

inflation was 1.3 percent, markedly slower than the 2.0 

percent reading of a year earlier. Meanwhile, core PCE 

inflation has edged up in recent months, reaching 1.7 percent 

over the year through September 2019, but still slower than 

the 2.0 percent pace over the year-earlier period.

In the housing sector, house price appreciation remains 

relatively strong despite significant deceleration to multiyear lows; growth in house prices still exceeds core inflation 

and income growth measures. The FHFA purchase-only 

home price index rose 4.6 percent over the year ending in 

August 2019, the slowest 12-month pace in four years. The 

Standard and Poor’s (S&P)/Case-Shiller composite 20-city 

home price index rose 2.0 percent over the year ending in 

August 2019, matching July’s pace as the slowing 12-month 

advance since August 2012.

Consumer and Business Sentiment

Measures of consumer and business sentiment remain 

elevated, if still below last year’s multi-year highs. In 

October, the Reuters/Michigan consumer sentiment index 

rose 2.3 points to 95.5, or within 6 points of the 14-year high 

of 101.4 reached in March 2018. Notably, this index 

averaged 98.4 per month in 2018, the highest monthly 

average reading for any year since 2000. The Conference

Board’s confidence index edged down 0.4 point in October 

to 125.9, or 12 points below the 18-year high of 137.9 

reached in October 2018. The National Federation of 

Independent Business’s (NFIB) small business optimism 

index declined 1.3 points to 101.8 in September, but it 

remains just 7 points below the record high of 108.8 reached 

in August 2018.

Federal Budget and Debt

The Federal Government posted a deficit of $984 billion 

(4.6 percent of GDP) in Fiscal Year (FY) 2019, rising from 

$779 billion (3.8 percent of GDP) in FY 2018. The primary 

deficit (which excludes net interest payments) was 2.9 

percent of GDP in FY 2019, up 0.7 percentage point from 

FY 2018. Federal receipts totaled $3.46 trillion (16.3 

percent of GDP) in FY 2019. Although the level of receipts 

was $133 billion higher than last year, receipts’ share of the 

economy declined from 16.4 percent of GDP in FY 2018. 

Net outlays for FY 2019 were $4.45 trillion (21.0 percent of 

GDP), up from 20.2 percent of GDP in FY 2018. Federal 

debt held by the public, or federal debt less the debt held in 

government accounts, rose from $15.76 trillion at the end of 

FY 2018 to $16.81 trillion by the end of FY 2019, or about 

79 percent of GDP.

The Administration’s Mid-Session Review for Fiscal 

Year 2020 was released in July 2019. The Administration 

projects the federal deficit will rise to $1.05 trillion (4.7 

percent of GDP) in FY 2020. From FY 2021 to FY 2025, 

the deficit would total $4.06 trillion (3.2 percent of GDP, on 

average). The projection assumes the Administration’s 

proposals – including increased spending on national 

defense, cuts to non-defense discretionary outlays, 
PROFILE OF THE ECONOMY 7

December 2019

elimination of the Affordable Care Act, and reform of 

multiple welfare programs – will be implemented. On net, 

these proposals would gradually reduce the deficit to $218 

billion (0.6 percent of GDP) by FY 2029. The Budget 

expects that the primary deficit (which excludes net interest 

outlays) will be 2.8 percent of GDP in FY 2020, which will 

turn into a small primary surplus by FY 2025. Debt held by 

the public would peak at 81.3 percent of GDP in FY 2022 

but would gradually decline to 70.0 percent of GDP by FY 

2029.

On August 2, President Trump signed the Bipartisan 

Budget Act of 2019 into law. The legislation forestalled a 

debt crisis by suspending Treasury’s borrowing limit until 

July 31, 2021. As of September 2019, federal debt held by 

the public totaled $16,809.1 billion. The Bipartisan Budget 

Act also lifted spending caps established in 2011 and 

allowed for $1.3 trillion in defense and non-defense 

discretionary spending over the next two fiscal years, which 

should provide a boost to economic growth in the near term. 

As of October 1, the federal government is operating on a 

continuing resolution in order to give the House, Senate, and 

the Administration more time to pass appropriations bills. 

Economic Policy

In December 2017, the United States enacted TCJA, the 

first major tax reform in three decades. Combined with 

regulatory reforms, the revised tax code is designed to 

strengthen incentives for economic growth through 

investment, which should support a sustained increase in 

productivity, and improved labor force participation. The 

tax law lowered the U.S. corporate tax rate from one of the 

highest in the developed world to near the average of other 

advanced economies; it allowed businesses to deduct 

immediately 100 percent of the cost of most of their new 

capital investments for the next five years. TCJA also 

delivered tax relief to households by reducing individual tax 

rates, allowing a larger standard deduction, and expanding 

the child tax credit, all of which have encouraged workers to 

re-enter the labor market and entrepreneurs to start 

businesses.

On the monetary policy side, the Federal Reserve’s 

Federal Open Market Committee (FOMC) pursued a cycle 

of monetary tightening from December 2015 until June 

2019, a period that saw the Federal funds rate target raised 

from the historically low range of 0 to 0.25 percent to a 

range of 2.25 to 2.50 percent. On July 31, 2019, however, 

the FOMC cut the target range for the first time in over 10 

years, reducing the target range by 25 basis points to 2.0 to 

2.25 percent. In the following two meetings, the FOMC has 

cut the target range by another 50 basis points, bringing the 

range to 1.50 to 1.75 percent as of late October. Although in 

its October statement, the FOMC signaled a pause on rate 

cuts, Chair Powell also stated that only “a really significant 

move up in inflation that is persistent” would prompt a Fed 

rate hike. This should allay business concerns of a quick 

reversal of monetary policy, and support economic 

expansion in the near term.
December 2019 

8 

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as 

outlays. Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

Congress. These occur in two instances: (1) when 

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

appropriations; and (2) in the three types of revolving funds 

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal 

intrafund transactions—payments and receipts both occur 

within the Federal fund group; and (3) trust intrafund 

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

Under current law, the off-budget Federal entities consist of 

the two Social Security trust funds, Federal Old-Age and 

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

[commonly known as the Gramm-Rudman-Hollings Act as 

amended by the Budget Enforcement Act of 1990 (2 United 

States Code 900-922)] included off-budget surplus or deficit 

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
FEDERAL FISCAL OPERATIONS 

December 2019 

9

on both on- and off-budget receipts, outlays and deficit of 

the Government. 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

 Table FFO-2 includes on- and off-budget receipts

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

 Table FFO-3 details on- and off-budget outlays by

agency. 

 Table FFO-4 summarizes on- and off-budget

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

 Table FFO-6 includes customs collection of duties,

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Fourth-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the fourth quarter of fiscal year 2019 

supplements fiscal data reported in the September issue 

of the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $416.4 billion for the fourth 

quarter of fiscal year 2019. This is an increase of $38.3 

billion over the comparable prior year quarter. Withheld 

receipts increased by $35.0 billion and non-withheld 

receipts increased by $2.3 billion during this period. 

Refunds decreased by $1.0 billion over the comparable 

fiscal year 2018 quarter. There was a negligible change in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2018. 

Corporate income taxes—Net corporate income tax 

receipts were $65.9 billion for the fourth quarter of fiscal 

year 2019. This is an increase of $22.9 billion compared to 

the prior year fourth quarter. The $22.9 billion change is 

comprised of an increase of $19.0 billion in estimated and 

final payments, and a decrease of $3.9 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2019 were $284.4 billion, an increase of $10.3 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $16.9 billion, -$8.5 billion, and $2.3 

billion respectively. There was a negligible accounting 

adjustment for prior year’s employment tax liabilities made 

in the fourth quarter of fiscal year 2019. There was a 

negligible adjustment in the fourth quarter of fiscal year 

2018. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the fourth quarter of fiscal year 

2019 were $7.7 billion, a decrease of $0.4 billion over the 

comparable quarter of fiscal year 2018. Net State taxes 

deposited in the U.S. Treasury decreased by $0.3 billion to 

$6.8 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $0.9 billion. 

Contributions for other insurance and retirement—

Contributions for other retirement were $1.2 billion for the 
FEDERAL FISCAL OPERATIONS 

December 2019 

10 

fourth quarter of fiscal year 2019. This was an increase of 

$0.1 billion from the comparable quarter of fiscal year 2018. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2019 were $27.7 billion, a decrease of 

$4.2 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.1 billion, not a 

significant change over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $4.2 billion for the fourth quarter of fiscal year 2019. 

These receipts represent a decrease of $1.8 billion over the 

same quarter in fiscal year 2018. 

Customs duties—Customs duties net of refunds were 

$20.3 billion for the fourth quarter of fiscal year 2019. This 

is an increase of $7.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2019 were $25.5 billion, 

a decrease of $7.1 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings 

by Federal Reserve banks decreasing by $2.4 billion. 

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, continued

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Fourth quarter 2019 

July – Sept. 

 Fiscal year 2019 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 853,341 3,462,196

On-budget receipts .................................................. 636,342 2,547,892

Off-budget receipts .................................................. 216,999 914,302

Total outlays................................................................. 1,090,613 4,446,582

On-budget outlays.................................................... 840,790 3,539,967

Off-budget outlays.................................................... 249,822 906,616

Total surplus or deficit (-)............................................. -237,272 -984,388

On-budget surplus or deficit (-)................................ -204,448 -992,071

Off-budget surplus or deficit (-)................................ -32,823 7,686

Means of financing: 

Borrowing from the public ............................................ 623,227 1,051,605

Reduction of operating cash ........................................ -118,774 2,230

Other means ................................................................ -267,180 -69,449

Total on- and off-budget financing ........................... 237,273 984,386

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2019 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source July August September

Individual income taxes...................................................... 127.4 106.0 183.0

Corporate income taxes..................................................... 7.0 (1.4) 60.3

Employment and general retirement.................................. 89.6 91.8 103.0

Unemployment insurance .................................................. 3.8 3.6 0.2

Contributions for other insurance and retirement .............. 0.4 0.4 0.4

Excise taxes ....................................................................... 7.9 7.9 12.0

Estate and gift taxes .......................................................... 1.2 1.9 1.2

Customs duties .................................................................. 6.5 7.0 6.8

Miscellaneous receipts....................................................... 7.6 10.8 7.1

Total budget receipts ..................................................... 251.3 228.0 374.0

Note.—Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS 

December 2019 

11 
FEDERAL FISCAL OPERATIONS 

December 2019 

12 

TABLE FFO-1—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10)

Fiscal year 

or Month 

Total 

Receipts 

(1)

On-budget 

receipts 

(2)

Off-budget 

receipts 

(3)

Total 

outlays 

(4)

On-budget 

outlays 

(5)

Off-budget 

outlays 

(6)

Total 

surplus 

deficit (-) 

(7)

On-budget 

surplus 

deficit (-) 

(8)

Off-budget 

surplus 

deficit (-) 

(9)

 

2015 ............................ 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601 

2016 ............................ 3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286 

2017 ............................ 3,314,893 2,464,275 850,617 3,980,720 3,179,518 801,202 -665,826 -715,242 49,416 666,472 

2018 ............................ 3,328,745 2,473,999 854,747 4,107,741 3,259,170 848,573 -778,995 -785,172 6,175 1,258,348 

2019 ............................ 3,462,195 2,547,893 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690 

 

2019 – Est1 .................. 3,631,874 2,685,416 946,458 4,676,957 3,714,389 962,568 -1,045,083 -1,028,973 -16,110 1,221,986 

2020 – Est1 .................. 3,833,374 2,831,699 1,001,675 4,849,037 3,828,794 1,020,243 -1,015,663 -997,095 -18,568 1,232,225 

 

2018 - Sept .................. 343,559 268,757 74,803 224,443 167,661 56,783 119,116 101,096 18,020 57,121 

Oct ................... 252,692 190,915 61,777 353,183 279,122 74,061 -100,491 -88,207 -12,284 182,430 

Nov .................. 205,961 139,336 66,625 410,864 328,697 82,166 -204,903 -189,361 -15,541 145,837 

Dec .................. 312,584 242,999 69,585 326,123 284,536 41,588 -13,539 -41,537 27,997 125,473 

2019 - Jan ................... 339,980 253,837 86,143 331,299 256,096 75,203 8,681 -2,259 10,940 9,784 

Feb .................. 167,265 95,390 71,875 401,243 316,103 85,140 -233,977 -220,713 -13,265 132,191 

Mar .................. 228,811 149,414 79,397 375,756 290,479 85,278 -146,945 -141,064 -5,881 -86,093 

Apr ................... 535,545 439,736 95,809 375,240 299,230 76,011 160,304 140,506 19,798 981 

May .................. 232,064 158,229 73,835 439,833 352,744 87,089 -207,768 -194,514 -13,254 -1,439 

June ................. 333,952 241,695 92,257 342,429 292,170 50,259 -8,477 -50,475 41,999 7 

July .................. 251,348 182,519 68,829 371,044 293,461 77,582 -119,695 -110,942 -8,753 1,338 

Aug .................. 227,965 157,490 70,475 428,309 342,318 85,991 -200,344 -184,828 -15,516 438,890 

Sept ................. 374,028 296,333 77,695 291,260 205,011 86,249 82,768 91,322 -8,554 259,291 

 

Fiscal year 2019 to date ... 3,462,195 2,547,893 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690 

 

Means of financing—net transactions, continued 

Borrowing from the publicFederal securities, continued Cash and monetary assets (deduct) 

Other 

(18)

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19)

Total 

Financing 

(20)

Fiscal year 

or month 

Agency 

securities 

(11)

Investments 

 of Government 

accounts 

(12)

Total 

10+11-12 

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

 

2015 ...................................... 241 -10,027 335,867 40,415 -2,815 -3,114 -6,425 127,111 970 435,887 

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -310,961 -171 587,416 

2017 ...................................... 3 168,172 498,301 -193,988 1,390 -935 1,938 -24,443 259 665,714 

2018 ...................................... -1,545 172,343 1,084,458 225,390 -527 -2,661 3,857 -79,242 -160 778,997 

2019 ...................................... -1,366 155,715 1,051,606 -2,230 -941 -1,210 7,593 -63,946 -62 984,386 

2019 – Est1 ............................ -1,245 108,409 1,112,332 - - - - -67,249 - 1,045,083 

2020 – Est1 ............................ -1,144 148,789 1,082,292 - - - - -66,629 - 1,015,663 

2018 - Sept ........................... -230 81,327 -24,436 66,742 -224 -501 21 -28,814 172 -119,116 

Oct ............................. 25 101,558 80,897 -18,116 -479 -354 1,058 1,866 -163 100,491 

Nov ............................ 149 -54,151 200,137 -21,723 87 60 185 -16,616 -9 204,903 

Dec ............................ -55 66,822 58,595 57,264 276 -839 1,947 13,567 25 13,539 

2019 - Jan ............................. -142 9,538 103 1,459 362 -62 39 -7,119 133 -8,681 

Feb ............................ -297 -17,719 149,613 -112,933 -42 -202 401 -28,345 -67 233,977 

Mar ............................ -299 -40,460 -45,932 43,348 -356 58 -38 236,022 -133 146,945 

Apr ............................. 4 13,179 -12,194 88,573 -92 -334 2,367 -57,559 -37 -160,304 

May ........................... -55 -10,992 9,497 -189,711 -237 271 21 8,785 -170 207,768 

June .......................... -152 12,192 -12,337 30,835 461 137 273 52,323 197 8,477 

July ............................ -112 -23,196 24,422 -87,047 -541 183 1,733 9,842 -241 119,695 

Aug ............................ -198 52,505 386,186 -43,571 -196 336 -160 -229,313 -120 200,344 

Sept ........................... -234 46,439 212,619 249,392 -184 -464 -233 -47,399 523 -82,768 Fiscal year 2019 to date ....... -1,366 155,715 1,051,606 -2,230 -941 -1,210 7,593 -63,946 -62 984,386 

 

Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and 

Budget on July 13, 2018. 
 FEDERAL FISCAL OPERATIONS 

December 2019 

13

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds 

 (10) 

 Net 

 (11) 

 2015 .................. 1,220,161 554,993 234,352 1,540,802 390,291 46,495 343,798 1,884,598 1,007,385 2,801 1,004,584 

2016 .................. 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,646 1,060,162 3,159 1,056,993 

2017 .................. 1,309,265 539,528 261,678 1,587,120 338,978 41,929 297,048 1,884,168 1,109,837 3,290 1,106,547 

2018 .................. 1,325,106 626,555 268,126 1,683,536 263,168 58,433 204,734 1,888,270 1,118,641 3,234 1,115,407 

2019 .................. 1,328,271 634,339 244,755 1,717,858 277,416 47,172 230,244 1,948,102 1,195,506 3,632 1,191,874 

2019 – Est1 ........ 1,805,420 - - 1,805,420 253,076 - 253,076 2,058,496 1,233,642 - 1,233,642 

2020 – Est1 ........ 1,911,676 - - 1,911,676 281,867 - 281,867 2,193,543 1,306,762 - 1,306,762 

2018 - Sept ........ 84,133 81,610 3,794 161,949 44,831 2,649 42,182 204,131 102,012 3,234 98,778 

Oct ......... 111,264 29,008 11,407 128,866 8,962 962 8,000 136,866 82,775 - 82,775 

Nov ........ 94,390 8,078 9,097 93,371 3,996 5,642 -1,646 91,725 89,430 - 89,430 

Dec ........ 137,260 16,327 3,030 150,557 51,888 5,133 46,755 197,312 93,490 - 93,490 

2019 - Jan ......... 109,148 89,548 1,560 197,136 8,363 1,610 6,754 203,890 111,255 - 111,255 

Feb ........ 116,736 7,926 68,001 56,661 3,774 4,442 -669 55,992 91,623 - 91,623 

Mar ........ 135,770 16,889 55,422 97,236 13,605 4,812 8,793 106,029 101,253 - 101,253 

Apr ......... 113,857 283,508 64,556 332,809 51,095 6,407 44,688 377,497 124,379 - 124,379 

May ........ 108,285 10,611 15,204 103,692 6,291 5,880 411 104,103 94,545 - 94,545 

June ....... 76,127 69,403 4,383 141,149 54,129 2,860 51,269 192,418 120,240 - 120,240 

July ........ 120,690 11,414 4,678 127,427 9,522 2,555 6,967 134,394 89,025 - 89,025 

Aug ........ 100,795 8,854 3,667 105,982 3,172 4,568 -1,396 104,586 91,242 - 91,242 

Sept ....... 103,949 82,773 3,750 182,972 62,619 2,301 60,318 243,290 106,249 3,632 102,617 

Fiscal year 

2019 to date ........ 1,328,271 634,339 244,755 1,717,858 277,416 47,172 230,244 1,948,102 1,195,506 3,632 1,191,874 

 

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

2015 ............................ 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652 

2016 ............................ 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906 

2017 ............................ 5,349 1 5,349 1,111,896 45,961 154 45,810 4,158 34 4,191 

2018 ............................ 5,753 4 5,749 1,121,156 45,161 121 45,041 4,471 31 4,501 

2019 ............................ 5,610 90 5,519 1,197,395 41,193 259 40,934 4,730 29 4,759 

2019 – Est1 .................. 5,591 - 5,591 1,239,233 45,772 - 45,772 5,203 31 5,234 

2020 – Est1 .................. 6,065 - 6,065 1,312,827 46,853 - 46,853 7,579 30 7,609 

2018 - Sept ................. 465 - 465 99,243 258 10 248 428 3 431 

Oct ................... 480 - 480 83,255 2,941 - 2,941 355 3 357 

Nov .................. 395 - 395 89,824 2,650 - 2,650 444 2 446 

Dec .................. 438 - 438 93,928 292 - 292 422 2 424 

2019 - Jan ................... 514 - 514 111,769 3,038 - 3,038 254 2 256 

Feb .................. 712 - 712 92,335 2,427 6 2,421 467 - 467 

Mar .................. 537 - 537 101,791 348 73 275 357 2 359 

Apr ................... 533 - 533 124,912 9,916 77 9,839 376 3 378 

May ................. 521 4 516 95,061 11,578 25 11,553 466 2 468 

June ................ -121 7 -129 120,112 268 18 249 382 2 385 

July .................. 546 - 545 89,571 3,876 27 3,849 425 3 428 

Aug .................. 556 7 549 91,791 3,642 13 3,629 399 2 402 

Sept ................. 500 72 429 103,046 211 14 197 384 2 386 

Fiscal year 

2019 to date ...................... 5,610 90 5,519 1,197,395 41,193 259 40,934 4,730 29 4,759 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2019 

14 

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35)

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal Reserve 

banks 

(42)

Universal 

service fund 

and all 

other 

(43)

Total 

(44)

 Gross 

 (36)

 Refunds 

 (37)

Net 

(38)

Gross 

(39)

Refunds 

(40)

Net 

(41) On-budget (45) Off-budget (46)

 

2015 .......................... 98,278 20,043 811 19,232 37,704 2,666 35,042 96,469 49,827 146,294 2,478,328 770,394 

2016 .......................... 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180 

2017 .......................... 83,821 23,779 1,012 22,770 36,260 1,686 34,573 81,288 46,380 127,666 2,464,275 850,617 

2018 .......................... 94,987 23,864 883 22,982 43,097 1,796 41,298 70,751 39,755 110,505 2,473,999 854,747 

2019 .......................... 98,915 17,565 894 16,672 73,461 2,677 70,784 52,793 31,843 84,637 2,547,893 914,302 

2019 – Est1 ................ 108,650 19,284 - 19,284 64,336 - 64,336 49,474 42,417 91,891 2,685,416 946,458 

2020 – Est1 ................ 111,942 19,997 - 19,997 43,324 - 43,324 52,781 45,334 98,115 2,831,699 1,001,675 

 

2018 - Sept ................ 16,079 2,361 72 2,290 4,768 195 4,572 4,595 11,970 16,566 268,757 74,803 

Oct ................. 14,715 2,037 84 1,954 5,826 276 5,551 4,541 2,512 7,053 190,915 61,777 

Nov ................ 7,535 1,483 77 1,405 6,459 175 6,285 4,479 1,611 6,091 139,336 66,625 

Dec ................ 7,179 1,744 69 1,675 6,129 138 5,992 4,400 1,383 5,783 242,999 69,585 

2019 - Jan ................. 6,776 1,151 58 1,092 6,662 34 6,628 4,854 1,677 6,530 253,837 86,143 

Feb ................ 5,353 1,296 67 1,229 5,418 342 5,076 2,893 1,496 4,389 95,390 71,875 

Mar ................ 7,841 1,003 67 935 5,382 220 5,163 4,206 2,212 6,418 149,414 79,397 

Apr ................. 7,093 2,391 121 2,270 5,509 272 5,237 4,070 4,251 8,319 439,736 95,809 

May ................ 7,593 909 121 788 5,099 165 4,934 5,860 1,709 7,566 158,229 73,835 

June ............... 7,110 1,144 57 1,087 5,822 216 5,606 4,741 2,246 6,985 241,695 92,257 

July ................ 7,868 1,201 43 1,158 6,751 278 6,473 5,203 2,404 7,606 182,519 68,829 

Aug ................ 7,866 1,988 111 1,877 7,228 223 7,005 3,622 7,186 10,809 157,490 70,475 

Sept ............... 11,986 1,220 18 1,201 7,174 341 6,833 3,924 3,164 7,088 296,333 77,695 

Fiscal year 

2019 to date .................. 98,915 17,565 894 16,672 73,461 2,677 70,784 52,793 31,843 84,637 2,547,893 914,302 

Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2019 Budget Mid-Session Review, released by the Office of 

Management and Budget on July 13, 2018.

2 Includes allowance for repeal and replacement of Obamacare of -$3,390 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22)

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23)

Refunds 

 (24)

 Net 

 (25)

Gross 

(26)

Refunds 

(27)

Net 

(28)

Gross 

(29)

Refunds 

(30)

 Net 

 (31)

 Gross 

 (32)

 Refunds 

 (33)

 Net 

 (34)

 

2015 .............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 - 38,132 50,802 4,585 46,217 

2016 .............................. 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846 

2017 .............................. 1,161,897 14,952 15 14,936 426 - 426 41,555 431 41,126 32,495 5,162 27,334 

2018 .............................. 1,170,699 15,532 15 15,516 394 - 394 42,979 438 42,541 39,650 3,116 36,535 

2019 .............................. 1,243,087 15,825 14 15,811 213 - 213 44,186 440 43,746 44,773 5,629 39,144 

2019 – Est1 ................... 1,290,239 17,056 - 17,056 170 - 170 43,121 - 43,121 48,303 - 48,303 

2020 – Est1 ................... 1,367,289 18,038 - 18,038 164 - 164 43,575 - 43,575 50,165 - 50,165 

2018 - Sept ................... 99,922 2,144 1 2,142 65 - 65 6,733 63 6,669 7,707 504 7,202 

Oct .................... 86,553 254 - 254 8 - 8 801 15 786 16,250 2,583 13,667 

Nov .................... 92,921 1,548 - 1,548 38 - 38 4,290 29 4,261 1,877 190 1,687 

Dec .................... 94,643 1,338 - 1,338 33 - 33 3,785 29 3,756 2,209 157 2,052 

2019 - Jan ..................... 115,064 1,209 - 1,209 30 - 30 3,351 30 3,321 2,262 46 2,216 

Feb .................... 95,225 1,418 - 1,418 17 - 17 3,610 31 3,579 893 554 339 

Mar .................... 102,424 1,169 8 1,161 6 - 6 3,919 31 3,889 3,001 216 2,786 

Apr .................... 135,129 1,399 - 1,399 16 - 16 3,537 37 3,499 2,667 488 2,179 

May ................... 107,082 1,558 1 1,556 11 - 11 3,279 44 3,235 2,940 150 2,791 

June .................. 120,746 1,524 - 1,524 14 - 14 3,725 44 3,681 2,160 268 1,891 

July .................... 93,848 1,507 - 1,507 14 - 14 3,683 43 3,640 3,174 466 2,707 

Aug .................... 95,822 896 5 891 - - - 3,266 43 3,224 3,912 160 3,752 

Sept ................... 103,629 2,005 - 2,005 27 - 27 6,941 64 6,877 3,428 351 3,077 

Fiscal year 

2019 to date ...................... 1,243,087 15,825 14 15,811 213 - 213 44,186 440 43,746 44,773 5,629 39,144 
 FEDERAL FISCAL OPERATIONS 

December 2019 

15

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education 

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart- 

 ment of 

 Labor 

 (13) 

 

2015 .......................... 4,328 7,130 139,112 8,955 562,506 90,031 25,425 1,027,420 42,563 35,522 12,348 26,910 45,218

2016 .......................... 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371

2017 .......................... 4,499 7,565 127,563 10,303 568,905 111,703 25,794 1,116,763 50,502 55,623 12,141 30,979 40,121

2018 .......................... 4,670 7,780 136,713 8,561 600,705 63,706 26,479 1,120,503 68,374 54,666 13,210 34,522 39,637

2019 .......................... 4,955 7,958 150,120 11,326 653,972 104,365 28,936 1,213,807 56,328 29,188 13,907 35,107 35,810 

2019 – Est1 ................ 5,545 8,668 132,362 15,523 696,928 82,878 30,810 1,287,078 62,006 48,830 14,894 38,288 38,454

2020 – Est1 ................ 5,551 8,784 124,038 11,323 726,760 72,501 28,418 1,287,964 56,449 47,642 15,344 37,394 37,290 

2018 - Sept ................ 368 624 6,438 546 48,986 5,417 2,712 69,967 4,782 1,140 367 2,138 2,373

Oct ................. 444 672 18,311 660 63,393 5,097 2,919 97,165 5,338 3,782 2,130 1,612 -2,167

Nov ................ 372 777 17,103 2,110 57,096 5,630 1,808 120,606 4,663 3,664 478 3,279 3,286

Dec ................ 461 628 15,246 1,013 51,445 6,256 1,895 71,256 6,527 3,954 1,063 3,947 4,046

2019 - Jan ................. 419 512 13,122 432 46,828 9,708 2,566 96,085 3,243 3,797 725 2,461 4,983

Feb ................ 371 745 11,313 921 51,368 7,942 2,200 98,154 4,893 3,861 1,359 3,137 4,315

Mar ................ 355 605 10,544 844 55,396 6,052 2,246 100,225 4,963 3,446 796 2,692 2,526

Apr ................. 420 620 9,940 816 51,969 6,658 2,456 104,302 4,662 3,437 854 2,703 3,486

May ................ 411 814 9,603 959 61,801 4,980 2,663 146,552 4,362 -12,605 1,213 3,332 3,167

June ............... 381 584 9,911 821 48,481 34,107 1,992 67,523 3,970 3,988 1,433 2,829 3,294

July ................ 501 686 9,975 1,046 52,665 4,962 2,447 104030 5,204 3,608 1,282 3,123 3,870

Aug ................ 368 656 12,161 983 60,702 6,800 2,729 132,560 4,373 3,655 1,215 2,802 3,149

Sept ............... 452 659 12,891 721 52,835 6,173 3,015 75,349 4,130 4,601 1,359 3,190 1,855 

Fiscal year 

2019 to date .................. 4,955 7,958 150,120 11,326 653,979 104,365 28,936 1,213,807 56,328 29,188 13,907 35,107 35,810

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the Treasury, 

other 

(17) 

Department of 

Veterans Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive Office 

of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

2015 ........................... 26,494 75,451 402,183 83,447 159,220 6,684 62,966 7,006 392 -889 20,976 

2016 ........................... 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 

2017 ........................... 27,061 79,440 456,953 89,445 176,050 6,452 58,695 8,087 412 -664 18,925 

2018 ........................... 26,386 78,494 521,553 107,894 178,508 5,083 55,367 8,085 383 -590 21,628 

2019 ........................... 28,002 80,716 572,914 116,584 199,571 6,456 60,930 8,064 423 -1,100 23,578 

 

2019 – Est1 ................ 25,295 86,561 618,226 108,678 217,506 5,785 62,851 7,028 409 107,034 26,135 

2020 – Est1 ................ 24,578 87,517 662,889 101,095 234,214 7,922 64,839 6,879 410 106,973 21,875 

 

2018 - Sept ................ 2,830 8,287 28,981 -35,182 8,225 350 1,089 666 32 -303 2,105 

Oct ................. 3,000 6,400 31,648 6,097 16,840 641 4,747 730 32 40 2,109 

Nov ................ 3,268 6,466 35,371 6,791 25,577 771 9,715 761 45 139 1,838 

Dec ................ 2,038 6,353 97,203 258 16,062 264 5,406 808 33 -307 -449 

2019 - Jan .................. 1,668 4,377 27,811 5,229 8,614 593 1,747 622 9 656 832 

Feb ................. 1,412 6,555 28,717 55,820 16,155 608 5,378 914 49 -939 2,095 

Mar ................. 2,729 4,812 38,938 24,443 13,382 553 5,606 580 28 -137 174 

Apr ................. 2,221 5,091 46,552 13,195 17,175 547 3,600 560 37 -98 1,806 

May ................ 2,720 6,400 47,829 11,118 27,120 296 9,039 646 40 132 8,073 

June ............... 1,485 8,522 102,800 5,989 8,019 524 173 644 26 -175 3,113 

July ................ 2,013 8,008 40,342 7,860 16,630 457 5,337 602 56 -17 762 

Aug ................ 2,222 8,329 39,728 9,067 24,943 683 9,356 515 31 71 1,693 

Sept ............... 3,226 9,403 35,975 -29,283 9,054 519 826 682 37 -465 1,532 

Fiscal year 

2019 to date .................. 28,002 80,716 572,914 116,584 199,571 6,456 60,930 8,064 423 -1,100 23,578 

See footnotes at end of table 
FEDERAL FISCAL OPERATIONS 

December 2019 

16 

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget 

 (36) 

 

2015 .................. 18,272 6,836 91,736 -747 944,144 13,575 -81,120 -141,791 -4,555 -30,128 2,944,526 743,097 

2016 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 

2017 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202 

2018 .................. 19,756 7,167 98,803 44 1,039,903 7,770 -87,382 -150,151 -4,594 -5,896 3,259,170 848,573 

2019 .................. 20,180 7,253 103,138 456 1,101,833 19,609 -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 

 

2019 – Est1 ........ 23,289 7,394 - 796 1,156,311 20,057 -102,699 -143,957 -5,327 -5,629 3,714,389 962,568 

2020 – Est1 ........ 22,922 7,723 - 682 1,215,870 21,935 -96,661 -143,481 -5,275 -1,003 3,828,794 1,020,243 

 

2018 - Sept ...... 1,792 656 8,556 111 58,638 -2,090 -5,862 -266 -25 -1 167,661 56,783 

Oct ......... 1,787 632 9,161 100 88,652 3,357 -21,629 1,329 -1,848 - 279,122 74,061 

Nov ........ 1,707 502 8,108 111 92,638 4,790 -6,389 -2,538 321 - 328,697 82,166 

Dec ........ 1,992 601 7,746 131 88,752 -189 -6,224 -61,702 -389 - 284,536 41,588 

2019 - Jan ......... 878 461 9,378 90 86,767 2,899 -5,632 -130 -448 - 256,094 75,203 

Feb ........ 1,899 653 8,044 112 91,568 1,739 -6,114 -2,054 -789 -1,155 316,103 85,140 

Mar ........ 1,478 509 8,414 -640 92,049 28 -6,383 -1,395 -100 - 290,479 85,278 

 Apr ........ 1,548 518 9,374 87 92,350 1,409 -6,131 -6,213 -713 - 299,230 76,011 

May ....... 1,844 589 8,388 98 97,224 3,597 -6,800 -5,159 -614 - 352,744 87,089 

June ...... 1,611 616 8,263 80 92,993 -2,739 -6,191 -62,360 -272 - 292,170 50,259 

 July ........ 1,654 693 8,937 103 92,782 2,626 -6,678 -3,697 -827 - 293,461 77,582 

Aug ........ 1,775 785 8,424 99 97,400 1,680 -6,265 -4,307 -70 - 342,318 85,991 

Sept ....... 2,007 694 8,901 85 88,658 412 -6,375 -1,379 -476 -1 205,011 86,249 

Fiscal year 

2019 to date ....... 20,180 7,253 103,138 456 1,101,833 19,609 -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 

 Note: Detail may not add to total due to rounding. 

1 These estimates are based on the President's FY 2019 Budget, released by the Office of Management and 

Budget on July 13, 2018.
 FEDERAL FISCAL OPERATIONS 

December 2019 

17

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

September 2019 and Other Periods 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes ......................................................... 1,717,735 122 - 1,717,857 1,683,476 61 - 1,683,537

Corporation income taxes ...................................................... 230,245 - - 230,245 204,733 - - 204,733

Social insurance and retirement receipts: --- - --- -

Employment and general retirement (off-budget) .............. - - 914,302 914,302 - - 854,747 854,747

Employment and general retirement (on-budget) .............. - - 283,092 283,092 - - 266,408 266,408

Unemployment insurance .................................................. - - 40,934 40,934 - - 45,042 45,042

Other retirement ................................................................ - - 4,759 4,759 - - 4,503 4,503

Excise taxes .......................................................................... 33,623 1,207 64,085 98,915 28,813 1,255 64,921 94,988

Estate and gift taxes .............................................................. 16,672 - - 16,672 22,983 - - 22,983

Customs duties ...................................................................... 47,591 21,545 1,648 70,784 27,137 12,555 1,607 41,299

Miscellaneous receipts .......................................................... 59,971 23,024 1,642 84,637 87,739 21,016 1,752 110,508

Total receipts ................................................................ 2,105,836 45,897 1,310,462 3,462,196 2,054,882 34,887 1,238,979 3,328,748

(On-budget) .............................................................. 2,105,836 45,897 396,160 2,547,893 2,054,882 34,887 384,232 2,474,001

(Off-budget) .............................................................. - - 914,302 914,302 - - 854,747 854,747

 

Budget outlays: 

Legislative branch .................................................................. 4,967 -11 * 4,957 4,711 -43 3 4,670

Judicial branch ....................................................................... 7,833 215 -89 7,959 7,753 86 -60 7,779

Department of Agriculture ...................................................... 114,668 35,689 -236 150,121 118,791 17,777 147 136,715

Department of Commerce ..................................................... 9,967 1,349 8 11,324 9,077 -581 66 8,562

Department of Defense-military ............................................. 648,598 5,123 258 653,979 597,723 2,818 135 600,675

Department of Education ....................................................... 104,384 -19 * 104,364 63,800 -92 * 63,707

Department of Energy............................................................ 30,337 -1,400 * 28,936 27,557 -1,076 * 26,481

Department of Health and Human Services ........................... 915,770 5,639 292,396 1,213,805 873,591 1,853 245,056 1,120,500

Department of Homeland Security ......................................... 59,373 -3,265 219 56,327 64,438 3,774 161 68,374

Department of Housing and Urban Development .................. 29,423 -69 -167 29,188 55,061 -152 -244 54,665

Department of the Interior ...................................................... 13,285 188 433 13,907 12,960 -203 454 13,210

Department of Justice ............................................................ 29,794 5,295 18 35,107 29,170 5,341 10 34,521

Department of Labor .............................................................. 9,895 -5,361 31,276 35,810 9,869 -2,491 32,259 39,638

Department of State .............................................................. 28,565 -1,377 811 28,000 25,675 170 540 26,385

Department of Transportation ................................................ 9,100 36 71,579 80,715 8,892 204 69,399 78,494

Department of the Treasury: --- - --- -

Interest on the public debt ................................................. 572,913 - - 572,913 521,553 - - 521,553

Other ................................................................................. 116,289 197 97 116,583 107,786 52 56 107,894

Department of Veterans Affairs.............................................. 203,225 -4,305 654 199,573 181,103 -3,317 723 178,509

Corps of Engineers ................................................................ 4,666 -131 1,919 6,454 4,168 -93 1,008 5,082

Other defense civil programs ................................................. 93,960 -5,767 -27,263 60,931 89,659 -5,961 -28,330 55,368

Environmental Protection Agency .......................................... 8,159 -35 -60 8,064 7,921 -50 214 8,085

Executive Office of the President ........................................... 403 25 -6 422 392 * -10 382

General Services Administration ............................................ 156 -1,257 - -1,101 97 -680 - -583

International Assistance Program .......................................... 22,707 -200 1,072 23,578 22,670 -515 -499 21,656

National Aeronautics and Space Administration .................... 20,213 -36 1 20,179 19,764 -12 1 19,754

National Science Foundation ................................................. 7,129 133 -7 7,255 7,028 124 14 7,166

Office of Personnel Management .......................................... 56,920 1,047 45,170 103,138 55,837 -97 43,063 98,802

Small Business Administration............................................... 461 -5 - 456 53 -7 - 46

Social Security Administration ............................................... 93,553 * 1,008,280 1,101,833 87,863 * 952,039 1,039,902

Other independent agencies .................................................. 12,038 -213 7,784 19,609 11,552 -9,122 5,341 7,770

Undistributed offsetting receipts: --- - --- -

Interest .............................................................................. - - -149,608 -149,608 - - -150,150 -150,150

Other ................................................................................. -4,348 -9,642 -84,205 -98,195 -3,093 -9,885 -84,892 -97,870

 Total Outlays 3,224,405 21,844 1,200,335 4,446,583 3,023,420 2,179 1,086,502 4,107,744

 (On-Budget) 3,224,139 23,213 292,614 3,539,966 3,023,160 -453 236,465 3,259,172

 (Off-Budget) 265 1,369 907,721 906,617 260 1,726 850,037 848,572

 Surplus (+) or Deficit (-) 1,118,568 24,053 110,127 984,388 968,539 37,066 152,477 778,996

 (On-Budget) 1,118,303 22,684 103,546 992,073 968,279 35,340 147,767 785,172

 (Off-Budget) -265 1,369 6,581 7,685 260 1,726 4,710 6,175

-No Transactions 

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
FEDERAL FISCAL OPERATIONS 

December 2019 

18 

TABLE FFO-5—Internal Revenue Receipts by State, 2019 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total...................... 3,564,583,961 277,057,735 3,189,204,558 2,480,089,706 656,989,277

Alabama ........................................ 26,511,031 1,244,563 24,948,240 19,664,138 5,034,483

Alaska ............................................ 5,395,473 102,408 5,189,641 3,971,000 1,106,397

Arizona .......................................... 47,743,166 1,823,250 44,189,000 33,434,415 10,225,373

Arkansas ....................................... 30,572,215 3,078,329 26,777,410 22,905,341 3,512,368

California ....................................... 472,027,235 43,719,692 420,403,688 307,298,189 109,141,126

Colorado ........................................ 59,961,429 2,861,406 55,910,716 42,183,355 13,242,365

Connecticut ................................... 57,092,781 8,147,245 46,881,692 33,919,865 12,069,402

Delaware ....................................... 20,073,979 2,695,077 17,070,582 13,628,407 1,244,959

District of Columbia ....................... 27,529,823 1,077,475 26,380,804 22,789,343 2,939,420

Florida ........................................... 210,024,433 7,482,590 198,665,316 140,899,776 53,759,174

Georgia .......................................... 94,305,868 7,226,773 82,755,803 67,314,313 14,785,992

Hawaii ............................................ 9,246,293 539,647 8,416,640 6,155,481 2,161,253

Idaho ............................................. 11,343,181 439,295 10,808,466 8,152,352 2,531,433

Illinois ............................................ 162,274,617 14,505,041 143,245,780 113,055,032 26,338,529

Indiana ........................................... 60,627,045 3,375,797 54,731,995 46,910,428 7,432,396

Iowa ............................................... 24,914,602 886,122 23,686,410 19,516,647 4,034,125

Kansas .......................................... 26,337,911 1,083,129 23,498,175 18,368,939 4,575,657

Kentucky........................................ 35,595,050 2,272,751 31,878,272 27,062,936 4,584,269

Louisiana ....................................... 39,430,322 772,790 38,147,635 31,894,083 5,995,736

Maine ............................................. 8,130,883 280,065 7,788,657 6,015,574 1,677,172

Maryland........................................ 78,473,276 3,118,966 74,964,029 60,938,725 12,200,799

Massachusetts .............................. 120,035,203 7,282,280 111,057,418 86,406,498 23,228,333

Michigan ........................................ 81,583,480 3,643,278 77,145,580 62,880,721 13,379,617

Minnesota ...................................... 102,642,589 12,029,819 86,818,585 76,262,199 9,957,468

Mississippi ..................................... 11,273,202 311,847 10,793,355 8,378,685 2,313,748

Missouri ......................................... 64,149,074 3,481,376 58,855,463 49,397,832 8,416,902

Montana ........................................ 6,356,727 171,363 6,144,650 4,334,533 1,722,469

Nebraska ....................................... 25,551,082 6,106,588 19,060,391 14,965,698 2,822,321

Nevada .......................................... 23,769,524 703,842 22,652,148 12,792,163 7,714,953

New Hampshire ............................. 12,208,656 171,650 11,649,628 8,596,398 2,774,528

New Jersey ................................... 140,258,435 15,843,745 121,182,533 96,711,998 23,022,723

New Mexico ................................... 9,270,398 102,441 9,129,376 6,768,407 2,270,662

New York ....................................... 304,992,923 38,738,872 261,973,367 192,968,830 64,655,540

North Carolina ............................... 87,778,099 6,376,046 80,886,490 66,771,092 13,472,454

North Dakota ................................. 6,639,943 256,862 6,317,666 4,665,005 1,604,666

Ohio ............................................... 144,704,811 9,458,745 130,490,389 114,549,867 14,758,617

Oklahoma ...................................... 29,133,375 1,659,832 23,676,853 18,248,870 4,887,573

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2019 

19 

TABLE FFO-5—Internal Revenue Receipts by State, 2019, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 35,041,125 1,361,731 32,523,662 25,108,632 7,148,396

Pennsylvania ................................. 141,973,579 11,302,691 127,018,609 103,715,218 21,285,041

Rhode Island ................................. 14,325,645 2,407,033 11,778,588 9,940,957 1,633,244

South Carolina .............................. 27,885,047 1,268,721 26,088,772 19,569,499 6,283,425

South Dakota ................................ 8,029,363 187,711 7,787,418 4,690,703 1,794,064

Tennessee .................................... 69,769,299 4,682,812 63,270,862 52,581,420 10,001,825

Texas ............................................. 292,330,171 18,470,193 249,429,935 187,311,391 56,314,415

Utah ............................................... 24,335,082 890,527 22,727,184 17,611,625 4,892,467

Vermont ......................................... 4,505,097 146,603 4,328,706 3,259,085 1,008,660

Virginia .......................................... 83,574,427 6,968,807 76,143,051 58,818,709 15,979,499

Washington ................................... 100,609,767 9,877,503 88,564,816 69,714,987 18,070,877

West Virginia ................................. 7,039,939 187,042 6,740,010 5,364,221 1,319,274

Wisconsin ...................................... 52,872,510 3,525,739 48,510,116 39,099,606 8,487,779

Wyoming ....................................... 4,743,997 106,419 4,393,033 2,373,696 1,682,110

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 770,480 2,658 766,064 593,745 161,329

Puerto Rico ................................... 3,528,739 10,138 3,468,344 2,958,456 480,832

International .................................. 12,611,648 1,880,743 10,207,233 5,687,052 4,491,685

Undistributed 5 ............................... 2,679,913 709,663 1,285,312 913,571 359,355

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2019 

20 

TABLE FFO-5—Internal Revenue Receipts by State, 2019, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

Individual income and employment taxes-continued 

State 

Unemployment 

insurance

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 4

(11) 

United States, total........................... 6,437,704 6,219,355 39,468,515 16,001,974 1,563,070 80,756,624 

Alabama ............................................. 65,554 2,896 181,169 85,180 2,070 230,978 

Alaska ................................................. 10,834 2,782 98,628 44,025 26 59,374 

Arizona ............................................... 116,446 1,767 410,999 175,680 14,609 1,540,627 

Arkansas ............................................ 120,949 3,070 235,682 30,637 610 685,229 

California ............................................ 806,208 7,737 3,150,428 2,617,891 416,197 4,869,767 

Colorado ............................................. 102,351 19,608 363,038 405,949 2,180 781,178 

Connecticut ........................................ 62,833 5,602 823,991 223,234 31,544 1,809,066 

Delaware ............................................ 26,281 56,301 2,114,634 24,142 6 284,172 

District of Columbia ............................ 16,055 534,132 101,854 19,157 18,171 34,216 

Florida ................................................ 429,499 661,517 2,915,349 1,639,023 156,481 2,081,023 

Georgia ............................................... 223,539 1,888 430,070 265,387 13,790 4,044,115 

Hawaii ................................................. 17,798 - 82,107 50,037 16 239,953 

Idaho .................................................. 34,996 25 89,659 29,870 109 65,442 

Illinois ................................................. 269,939 404,417 3,177,863 623,399 33,484 3,866,913 

Indiana ................................................ 102,866 34,688 251,618 238,903 6,154 2,274,196 

Iowa .................................................... 51,252 9,862 74,524 43,439 5,367 293,265 

Kansas ............................................... 62,346 167,929 323,305 159,399 2,660 1,594,548 

Kentucky............................................. 63,717 15,090 152,260 135,016 10,854 1,298,157 

Louisiana ............................................ 70,772 5,239 181,804 138,025 21,604 350,267 

Maine .................................................. 18,396 3,910 73,604 30,091 2,049 30,022 

Maryland............................................. 104,171 18,132 1,702,203 280,475 12,306 97,499 

Massachusetts ................................... 164,178 33,461 1,224,948 521,637 49,082 1,124,785 

Michigan ............................................. 193,739 10,496 681,008 452,591 22,897 319,133 

Minnesota ........................................... 173,731 94,015 331,173 151,786 1,409 3,640,990 

Mississippi .......................................... 30,543 1,659 68,720 17,270 4,738 145,992 

Missouri .............................................. 118,212 117,685 804,832 182,033 6,061 1,624,140 

Montana ............................................. 15,803 35,885 35,958 15,532 528 24,655 

Nebraska ............................................ 35,589 1,158,393 78,389 287,388 220 96,495 

Nevada ............................................... 48,741 83 2,096,209 241,518 3,741 168,276 

New Hampshire .................................. 21,055 55 257,591 33,381 169 353,828 

New Jersey ........................................ 195,647 169,002 1,083,164 437,672 53,573 2,740,911 

New Mexico ........................................ 20,432 68 69,807 18,118 3,513 16,950 

New York ............................................ 348,256 545,772 3,454,969 1,686,183 94,657 2,499,845 

North Carolina .................................... 184,153 10,001 448,789 190,279 69,913 255,371 

North Dakota ...................................... 13,520 8,222 26,253 19,681 - 45,734 

Ohio .................................................... 261,441 29,366 891,097 197,241 54,380 4,504,056 

Oklahoma ........................................... 62,556 3,347 474,508 98,896 3,939 3,693,854 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2019 

21 

TABLE FFO-5—Internal Revenue Receipts by State, 2019, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

Individual income and employment taxes-continued 

State 

Unemployment 

insurance

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 1

(11) 

Oregon ............................................... 71,837 2,420 192,378 93,669 22,709 1,039,354

Pennsylvania ...................................... 263,098 82,775 1,672,476 482,266 28,262 3,141,750

Rhode Island ...................................... 27,903 7 176,478 51,013 1,340 87,671

South Carolina ................................... 61,898 2,143 171,807 124,511 5,311 397,731

South Dakota ..................................... 12,786 1,581 1,288,284 10,120 214 43,899

Tennessee ......................................... 176,696 2,933 507,988 53,434 21,026 1,741,165

Texas .................................................. 544,537 1,190,778 4,068,815 1,620,965 148,057 22,661,021

Utah .................................................... 59,905 4,330 158,858 37,687 1,319 678,365

Vermont .............................................. 8,658 3,203 49,099 9,393 446 19,951

Virginia ............................................... 155,579 736,221 453,043 255,976 17,439 189,155

Washington ........................................ 196,226 12,385 570,341 511,924 101,340 1,554,184

West Virginia ...................................... 14,512 842 41,161 57,782 3 55,103

Wisconsin ........................................... 121,556 2,403 798,771 126,292 9,922 700,442

Wyoming ............................................ 7,449 810 328,967 159,924 32,878 51,742

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 4,945 - 6,046 400 - 1,358

Puerto Rico ....................................... 27,731 - 1,326 1,406 - 48,850

International ...................................... 5,613 2,414 20,469 76,169 3,571 443,932

Undistributed 5 ................................... 12,376 10 - 518,878 50,128 115,932

1 Gross collections include penalties and interest in addition to taxes. 

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 

3 Collections of withheld individual income tax are not reported by taxpayers separately from 

Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and 

wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA). 

Thus, while Table 1 shows these amounts separately for the United States total, separate 

amounts are not available by State. 

4 Excludes excise taxes collected by U.S. Customs and Border Protection and the Alcohol 

and Tobacco Tax and Trade Bureau. The Internal Revenue Service collected taxes on 

alcohol and tobacco until Fiscal Year 1988, and taxes on firearms until Fiscal Year 1991. 

5 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts 

may be negative when adjustments to taxpayer accounts have not been completed. 

Note—Partnership, S corporation, regulated investment company, and real estate 

investment trust data are not shown in this table since these entities generally do not have a 

tax liability. Instead, they pass through any profits or losses to the underlying owners, who 

include these profits or losses on their income tax returns. 

Note—This table shows gross collections. Gross collections less refunds equal 

net collections. See Table 1 for refunds and net collections. 

Note— Collection and refund data may not be comparable for a given fiscal year 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2017 may result in 

negative amounts when such adjustments exceed current-year collections. See 

Table 8 for refund data. 

Note— Classification by State is based on the individual’s address (or, in the 

case of businesses, the location of the principal office or place of business). 

However, some individuals may use the address of a tax attorney or accountant. 

Sole proprietors may use their business addresses. Such addresses could have 

been located in a State other than the State in which the individual resided. 

Similarly, taxes withheld and reported by employers located near a State 

boundary might include substantial amounts withheld from salaries of employees 

who reside in a neighboring State. Also, while taxes of corporations may be paid 

from the principal office, the operations of these corporations may be located in 

one or more other State(s). 

Detail may not add to totals because of rounding. 
FEDERAL FISCAL OPERATIONS 

December 2019

22

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports 

[Source: U.S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

Headquarters: 

Revenue Division, Indianapolis, IN............................. 4,058,879,952.53 

Preclearance, Washington, DC: 

USCBP Abu Dhabi, Preclearance, 

 Washington, DC............................. 07543 ............. 295,215.32 

USCBP Vancouver, Preclearance, 

 Washington, DC............................. 37922 ............. 1,013,940.85 

USCBP Calgary, Preclearance, 

 Washington, DC............................ 37923 ............. 1,903,401.33 

USCBP Edmonton, 

 Preclearance, Washington, DC..... 37924 ............. 753,350.93 

USCBP Montreal, Preclearance, 

 Washington, DC............................ 37925 ............. 1,183,371.73 

USCBP Toronto, Preclearance, 

 Washington, DC............................ 37926 ............. 2,291,692.20 

USCBP Winnipeg, Preclearance, 

 Washington, DC............................ 37928 ............. 200,251.51 

USCBP Ottawa, Preclearance, 

 Washington, DC............................ 37929 ............. 270,816.72 

USCBP Victoria, Preclearance, 

 Washington, DC............................ 37930 ............. 169,966.00 

USCBP Halifax NS, 

Preclearance, Washington, DC ....... 37931 ............. 117,444.43 

USCBP St. Thomas, 

 Preclearance, VI............................ 47401 ............. 232,576.21 

USCBP St. Croix, 

 Preclearance, VI............................ 47404 ............. 43,787.48 

USCBP Bermuda, Preclearance, 

 Washington, DC............................ 47421 ............. 65,793.35 

USCBP Nassau, Preclearance, 

 Washington, DC............................ 47423 ............. 214,896.61 

USCBP Aruba, Preclearance, 

 Washington, DC............................ 47424 ............. 78,512.64 

Dublin, IE, Preclearance, 

 Washington, DC............................ 57541 ............. 219,548.99 

Shannon, IE, Preclearance, 

 Washington, DC............................ 57542 ............. 3,997.61 

Total District .......................................................... 9,058,563.91 

Portland, Maine: 

Portland, ME .................................... 10101 ............. 31,256,374.91 

Bangor, ME ...................................... 10102 ............. 400,073.94 

Eastport, ME .................................... 10103 ............. 88,550.45 

Jackman, ME ................................... 10104 ............. 11,579,273.61 

Vanceboro, ME ................................ 10105 ............. 1,144,207.78 

Houlton, ME ..................................... 10106 ............. 12,127,204.96 

Fort Fairfield, ME.............................. 10107 ............. 17,821.50 

Van Buren, ME................................. 10108 ............. 3,788,620.68 

Madawaska, ME............................... 10109 ............. 48,483.25 

Fort Kent, ME................................... 10110 ............. 296,162.56 

Calais, ME........................................ 10115 ............. 4,262,538.28 

Limestone, ME ................................. 10118 ............. 1,226.03 

Bridgewater, ME............................... 10127 ............. 26,273.91 

Portsmouth, NH................................ 10131 ............. 869,862.17 

Belfast, ME....................................... 10132 ............. 17,432.73 

Searsport, ME .................................. 10152 ............. 2,562.20 

Manchester Airport, NH ...................... 10182 ............. 184,339.09 

Total District .......................................................... 66,111,008.05 

St. Albans, Vermont: 

St. Albans, VT .................................. 10201 ............. 422,859.75 

Richford, VT ..................................... 10203 ............. 215,083.26 

Beecher Falls, VT............................. 10206 ............. 586,234.49 

Burlington, VT .................................. 10207 ............. 504,543.67 

Derby Line, VT ................................. 10209 ............. 29,694,057.48 

Norton, VT........................................ 10211 ............. 10,992,832.67 

Highgate Springs/Alburg, VT ........... 10212 ............. 78,675,194.64 

Total District .......................................................... 121,090,805.96 

Boston, Massachusetts: 

Boston, MA....................................... 10401 ............. 304,839,658.99 

Worcester, MA ................................. 10403 ............. 34,189,276.61 

Gloucester, MA ................................ 10404 ............. 27,428.39 

New Bedford, MA............................. 10405 ............. 36,070,132.71 

Plymouth, MA................................... 10406 ............. 508.70 

Fall River, MA................................... 10407 ............. 605,543.58 

Salem, MA........................................ 10408 ............. 29,236,927.43 

Bridgeport, CT.................................. 10410 ............. 1,714,514.65 

Hartford, CT ..................................... 10411 ............. 10,850,842.09 

New Haven, CT................................ 10412 ............. 30,356,821.08 

New London, CT .............................. 10413 ............. 15,225,280.68 

Lawrence, MA .................................. 10416 ............. 74,284.14 

Logan Airport, MA ............................ 10417 ............. 151,136,998.32 

Hanscom User Fee Airport, MA....... 10481 ............. 316,047.89 

Total District .......................................................... 614,644,265.26 

Providence, Rhode Island: 

Newport, RI ...................................... 10501 ............. 77,832.37 

Providence, RI.................................. 10502 ............. 147,751,476.72 

Total District .......................................................... 147,829,309.09 

Ogdensburg, New York: 

Ogdensburg, NY .............................. 10701 ............. 25,209,787.50 

Massena, NY .................................... 10704 ............. 5,912,255.21 

Alexandria Bay, NY.......................... 10708 ............. 98,368,905.16 

Champlain-Rouses Point, NY .......... 10712 ............. 239,876,049.11 

Trout River, NY ................................ 10715 ............. 47,191,694.35 

Total District .......................................................... 416,558,691.33 

Buffalo, New York: 

Buffalo-Niagara Falls, NY ................ 10901 ............. 645,848,203.40 

Rochester, NY.................................. 10903 ............. 5,767,343.57 

Oswego, NY..................................... 10904 ............. 6,490,320.79 

Syracuse, NY ................................... 10906 ............. 16,076,247.50 

Binghamton Regional Airport, NY.... 10981 ............. 127,886.26 

Griffiss International Airport, NY ...... 10982 ............. 124,636.68 

Total District .......................................................... 674,434,638.20 

Philadelphia, Pennsylvania: 

Philadelphia, PA............................... 11101 ............. 491,086,569.43 

Chester, PA...................................... 11102 ............. 169,959,338.36 

Wilmington, DE ................................ 11103 ............. 34,820,044.47 

Pittsburgh, PA .................................. 11104 ............. 132,013,092.16 

Wilkes-Barre/Scranton, PA .............. 11106 ............. 15,028,109.78 

Philadelphia International 

 Airport, PA..................................... 11108 ............. 48,033,783.19 

Harrisburg, PA.................................. 11109 ............. 30,458,990.26 

Allentown, PA........................... 11119......... 21,899,922.14 

Atlantic City Airport, NJ .................... 11182 ............. 128,346.51 
FEDERAL FISCAL OPERATIONS 

December 2019

23 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Philadelphia, Pennsylvania, continued: 

Trenton/Mercer CTY Airport, PA.... 11183...................... 170,840.32 

UPS HUB, Philadelphia, PA........... 11195...................... 59,023,572.28 

Total District ............................................................... 1,002,622,608.90 

 

Baltimore, Maryland: 

Annapolis, MD .................................. 11301...................... 340,066.17 

Baltimore, MD ................................ 11303...................... 1,377,241,600.72 

Crisfield, MD.......................... ... 11304................... 9,782.86 

BWI Airport, MD ............................. 11305...................... 20,009,161.12 

Total District ............................................................... 1,397,600,610.87 

 

New York, New York: 

New York, NY................................. 21001...................... 345,151,895.62 

Albany, NY ..................................... 21002...................... 5,048,569.39 

New York/Newark Area, NJ ........... 24601...................... 7,907,283,750.40 

Perth Amboy, NJ ............................ 24602...................... 1,848,892.27 

UPS, Newark, NJ ........................... 24670...................... 31,047,341.38 

Federal Express ECCF, NJ............ 24671...................... 42,650,149.63 

Morristown Airport, NJ ................... 24681...................... 244,684.85 

Stewart International Airport, NY ... 24682...................... 2,398,336.29 

John F. Kennedy Airport, NY ......... 24701...................... 1,338,241,399.51 

NYACC, NY.................................... 24771...................... 1,306,480.64 

DHL Airways, NY ........................... 24772...................... 53,103,426.57 

Emery Worldwide, NY.................... 24773...................... 108,265.94 

Air France, Jamaica NY................. 24774...................... 711,486.63 

TNT Skypak., NY.............................. 24778...................... 16,716.79 

Total District ............................................................... 9,729,161,395.91 

 

Great Falls, Montana: 

Raymond, MT................................. 33301...................... 2,343,140.18 

Eastport, ID .................................... 33302...................... 27,614,597.61 

Salt Lake City, UT .......................... 33303...................... 224,790,262.90 

Great Falls, MT .............................. 33304...................... 1,959,694.60 

Butte, MT........................................ 33305...................... 21,976.52 

Turner, MT ..................................... 33306...................... 23,505.40 

Denver, CO .................................... 33307...................... 202,560,093.35 

Porthill, ID....................................... 33308...................... 599,190.23 

Scoby, MT ...................................... 33309...................... 47,622.53 

Sweetgrass, MT ............................. 33310...................... 48,687,297.41 

Piegan, MT..................................... 33316...................... 300,287.04 

Opheim, MT ................................... 33317...................... 2,645.70 

Roosville, MT ................................. 33318...................... 6,067,835.49 

Morgan, MT.................................... 33319...................... 505,481.49 

Del Bonita, MT ............................... 33322...................... 20,122.59 

Wildhorse, MT................................ 33323...................... 16,167.27 

Kalispell, MT................................... 33324...................... 581.90 

Willow Creek, MT........................... 33325...................... 614.40 

JEFFCO User Fee Airport, CO..... 33383...................... 162,255.24 

Centennial Airport, CO................... 33384...................... 303,072.86 

Eagle County Regional 

 Airport, CO .................................. 33385...................... 162,433.63 

Bozeman Yellowstone, MT ............ 33386...................... 135,582.32 

Total District ................................................................ 516,324,460.66 

 

Pembina, North Dakota: 

Pembina, ND.................................. 33401...................... 92,519,621.83 

Portal, ND....................................... 33403...................... 186,619,768.43 

Neche, ND...................................... 33404...................... 58,610.96 

St. John, ND................................... 33405...................... 3,461.90 

 

 

Pembina, North Dakota, continued 

Northgate, ND ................................ 33406...................... 120,288.05 

Walhalla, ND .................................. 33407...................... 31,790.31 

Hannah, ND ................................... 33408...................... 12.00 

Sarles, ND...................................... 33409...................... 1,623.70 

Ambrose, ND................................ 33410...................... 183.97 

Fargo International Airport, ND...... 33411...................... 1,977,443.42 

Antler, ND....................................... 33413...................... 3,685.40 

Sherwood, ND................................ 33414...................... 523,787.30 

Hansboro, ND ................................ 33415...................... 4,888.10 

Maida, ND ...................................... 33416...................... 2,063.70 

Fortuna, ND.................................... 33417...................... 14,627.81 

Westhope, ND................................ 33419...................... 7,615.60 

Noonan, ND ................................... 33420...................... 10,501.48 

Carbury, ND ................................... 33421...................... 6,097.55 

Dunseith, ND.................................. 33422...................... 2,036,689.50 

Warroad, MN.................................. 33423...................... 676,237.02 

Baudette, MN ................................. 33424...................... 40,587.80 

Pinecreek, MN................................ 33425...................... 462.90 

Roseau, MN ................................... 33426...................... 67,582.90 

Grand Forks Airport, ND ................ 33427...................... 679.64 

Lancaster, MN................................ 33430...................... 610,835.56 

Total District ............................................................... 285,339,146.83 

 

Minneapolis, Minnesota: 

Minneapolis-St. Paul, MN .............. 33501...................... 501,261,742.25 

Sioux Falls, SD............................... 33502...................... 162,332.64 

Duluth, MN ..................................... 33510...................... 1,421,869.27 

Omaha, NE ................................... 33512...................... 116,293,242.84 

Des Moines, IA............................... 33513...................... 4,193,532.09 

Rochester, MN ............................... 33581...................... 153,298.38 

Total District ............................................................... 623,486,017.47 

 

International Falls, Minnesota: 

International Falls, MN................... 33604...................... 324,115,453.08 

Grand Portage, MN........................ 33613...................... 1,312,492.61 

Total District ............................................................... 325,427,945.69 

 

Milwaukee, Wisconsin: 

Milwaukee, WI................................ 33701...................... 107,479,582.78 

Marinette, WI.................................. 33702...................... 1,776.06 

Green Bay, WI................................ 33703...................... 281,450.32 

Manitowoc, WI................................ 33706...................... 1,221.48 

Racine, WI...................................... 33708...................... 346,927.95 

Appleton International Airport, WI.... 33781...................... 99,477.02 

Total District ............................................................... 108,210,435.61 

 

Detroit, Michigan: 

Detroit, MI....................................... 33801...................... 1,464,377,925.03 

Port Huron, MI................................ 33802...................... 554,073,021.65 

Sault Sainte Marie, MI.................... 33803...................... 126,452,668.27 

Saginaw/Bay City, MI..................... 33804...................... 111,373.54 

Battle Creek, MI ............................. 33805...................... 310,600.35 

Grand Rapids, MI........................... 33806...................... 29,444,542.22 

Detroit Metropolitan Airport, MI...... 33807...................... 131,301,368.00 

Algonac, MI .................................... 33814...................... 4,866.60 

Alpena, MI ...................................... 33843...................... 26.22 

Oakland County Intl Airport, MI.......... 33881...................... 292,741.47 

Willow Run Airport, MI ................... 33882...................... 383,377.65 

Capital Region Intl Airport, MI........ 33883...................... 547,178.70 

Total District ................................................................ 2,307,299,689.70 
FEDERAL FISCAL OPERATIONS 

December 2019

24 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Chicago, Illinois 

Chicago, IL ..................................... 33901................... 5,390,399,017.88 

Peoria, IL........................................ 33902................... 40,231,498.01 

Davenport-Rock Island, IL ................ 33908................... 156,441.56 

Rockford Airport, IL ........................ 33909................... 88,066,808.80 

Midway International Airport, IL ..... 33910................... 242,062.93 

Waukegan Airport, IL ..................... 33981................... 139,771.96 

Chicago Executive Airport, IL......... 33983................... 168,639.85 

Dupage Airport Authority, IL........... 33984................... 143,057.43 

Decatur Airport, IL.......................... 33985................... 131,471.41 

South Bend International 

Airport, IN....................................... 33986................... 136,782.24 

Total District ............................................................. 5,519,815,552.07 

 

Cleveland, Ohio: 

Cleveland, OH................................ 34101................... 537,473,113.69 

Cincinnati, OH.................................... 34102................... 455,320,175.07 

Columbus, OH................................ 34103................... 1,140,102,853.43 

Dayton, OH .................................... 34104................... 15,591,624.54 

Toledo, OH..................................... 34105................... 53,789,555.70 

Erie, PA .......................................... 34106................... 20,712,947.14 

Northern KY (ICE).......................... 34107................... 204,817.89 

Indianapolis, IN .............................. 34110................... 332,919,184.81 

Louisville, KY.................................. 34115................... 328,162,956.17 

Owensboro-Evansville, IN.............. 34116................... 71,464,574.64 

Ashtabula/Conneaut, OH............... 34122................... 254,005.51 

Fort Wayne Airport, IN ................... 34183................... 251,215.35 

Blue Grass Airport, KY................... 34184................... 161,027.45 

UPS Courier Louisville, KY ............ 34196................... 585,320,721.68 

DHL Courier, OH............................ 34197................... 375,976,880.28 

Federal Express Hub, IN................ 34198................... 79,768,618.78 

Total District ......................................................... 3,997,474,272.13

 

St. Louis, Missouri: 

Kansas City, MO............................ 34501................... 593,796,112.93 

St. Louis, MO ................................. 34503................... 336,115,634.42 

Wichita, KS..................................... 34504................... 138,549,393.54 

Springfield, MO .............................. 34505................... 11,897,104.09 

MidAmerica Airport, MO................. 34581................... 123,438.00 

Total District ............................................................. 1,080,481,682.98 

 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901................... 506,596.42 

Fajardo, PR.................................... 44904................... 4,856,935.36 

Mayaguez, PR................................ 44907................... 107,302.95 

Ponce, PR...................................... 44908................... 5,200,342.50 

San Juan, PR................................. 44909................... 249,234,056.85 

San Juan International Airport, PR.... 44913................... 11,582,633.49 

Total District ............................................................. 271,487,867.57

 

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101................... 12,303,204.90 

Cruz Bay, VI ................................... 45102................... 165,528.10 

Christiansted, VI............................. 45104................... 4,853,724.34 

Total District ............................................................. 17,322,457.34

 

Miami, Florida: 

Miami, FL........................................ 45201................... 1,102,869,165.27 

Key West, FL.................................. 45202................... 80,413.82 

 

 

Miami, FL - continued

Port Everglades, FL ....................... 45203................... 234,222,685.08 

West Palm Beach, FL .................... 45204................... 9,783,536.30 

Fort Pierce, FL ............................... 45205................... 16,334.91 

Miami International Airport, FL....... 45206................... 174,308,804.78 

Fort Lauderdale International 

 Airport, FL ................................... 45210................... 2,474,569.38 

Miami International Airport UPS, 

 FL (Inactive) ................................ 45273................... 31,180.82 

FEDEX Corp Miami ECCF............. 45274................... 153.22 

Marathon International Airport, FL..... 45281................... 126,483.24 

Boca Raton Airport ............................. 45282................... 257,157.94 

UPS Miami International 

 Airport, FL ................................... 45295................... 874,380.44 

DHL Worldwide Express, FL.......... 45296................... 10,747,570.38 

FEDEX Courier Hub Miami, FL...... 45297................... 4,485,473.09 

IBC Courier Hub Miami, FL............ 45298................... 69,430.30 

Miami Seaport ALT, FL .................. 45299................... 2,810,393.51 

Total District ............................................................. 1,543,157,732.48 

 

Washington, DC: 

Washington, DC............................. 45401................... 99,280,886.86 

Total District ............................................................. 99,280,886.86 

 

Norfolk, Virginia: 

Norfolk, VA ..................................... 41401................... 1,674,710,243.18 

Norfolk Subport, VA ....................... 41403................... 11,210.00 

Richmond-Petersburg, VA ............. 41404................... 32,755,007.20 

Charleston, WV.............................. 41409................... 10,936,459.56 

Front Royal, VA.............................. 41410................... 260,020.21 

New River Valley Airport, VA ......... 41412................... 1,608.48 

Total District ............................................................. 1,718,674,548.63 

 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501................... 228,588,547.61 

Winston Salem, NC........................ 41502................... 106,529,863.17 

Durham, NC ................................... 41503................... 36,990,303.74 

Beaufort-Morehead City, NC.......... 41511................... 12,332,912.67 

Charlotte, NC ................................. 41512................... 196,468,395.09 

Charlotte-Monroe, NC.................... 41581................... 123,608.57 

Total District ............................................................. 581,033,630.85 

 

Charleston, South Carolina: 

Charleston, SC............................... 41601................... 1,828,748,460.31 

Georgetown, SC............................. 41602................... 273.31 

Greenville-Spartanburg, SC............. 41603................... 328,984,479.22 

Columbia, SC................................. 41604................... 17,385,712.50 

Myrtle Beach International 

 Airport, SC...................................... 41681................... 132,229.29 

Total District ............................................................. 2,175,251,154.63 

Savannah, Georgia: 

Brunswick, GA................................ 41701................... 245,417,772.41 

Savannah, GA................................ 41703................... 3,849,222,347.87 

Atlanta, GA..................................... 41704................... 1,220,054,362.40 

COBB County International 

 Airport.......................................... 41781................... 125,093.89 

Total District ............................................................. 5,314,819,576.57 
FEDERAL FISCAL OPERATIONS 

December 2019

25 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Tampa, Florida: 

Tampa, FL...................................... 41801........................ 163,237,501.39 

Jacksonville, FL.............................. 41803........................ 767,843,844.25 

Fernandina Beach, FL ................... 41805........................ 622,468.88 

Boca Grande, FL............................ 41807........................ 26.22 

Orlando, FL .................................... 41808........................ 26,646,724.06 

Orlando Sanford Airport, FL........... 41809........................ 433,380.38 

St. Petersburg, FL.......................... 41814........................ 15,646.86 

Port Canaveral, FL......................... 41816........................ 9,696,413.36 

Panama City, FL ............................ 41818........................ 6,005,020.36 

Pensacola, FL ................................ 41819........................ 89,841,296.22 

Port Manatee, FL ........................... 41821........................ 28,308,804.02 

Ft. Myers, FL .................................. 41822........................ 146,143.67 

Naples Municipal Airport, FL.......... 41880........................ 292,384.13 

Lakeland Linder Airport, FL............ 41881........................ 125,475.36 

Sarasota Bradenton Airport, FL ..... 41883........................ 170,249.69 

Daytona Beach, International 

Airport, FL ................................. 41884........................ 154,178.62 

Melbourne Airport, FL .................... 41885........................ 239,756.79 

Leesburg Regional Airport, FL....... 41887........................ 128,985.00 

Orlando Executive Airport, FL........ 41888........................ 170,468.13 

St. Augustine Airport UFA, FL........ 41889........................ 110,615.44 

Total District .................................................................. 1,094,189,382.83 

 

Mobile, Alabama: 

Mobile, AL ...................................... 51901........................ 392,409,553.29 

Gulfport, MS................................... 51902........................ 23,248,539.69 

Pascagoula, MS............................. 51903........................ 5,779,982.87 

Birmingham, AL.............................. 51904........................ 47,998,306.05 

Huntsville, AL ................................. 51910........................ 48,243,115.75 

Total District .................................................................. 517,679,497.65 

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001........................ 34,108,110.35 

New Orleans, LA............................ 52002........................ 571,411,672.62 

Little Rock, AR ............................... 52003........................ 9,462,486.67 

Baton Rouge, LA............................ 52004........................ 10,977,704.40 

Memphis, TN.................................. 52006........................ 1,197,866,245.38 

Nashville, TN.................................. 52007........................ 284,927,520.08 

Chattanooga, TN............................ 52008........................ 21,074,392.83 

Gramercy, LA................................. 52010........................ 17,719,455.05 

Greenville, MS................................ 52011........................ 715.20 

Vicksburg, MS................................ 52015........................ 38,730,244.64 

Knoxville, TN.................................. 52016........................ 65,624,382.33 

Lake Charles, LA............................ 52017........................ 8,141,575.41 

Shreveport/Bossier City, LA........... 52018........................ 716,335.62 

Port of Tri-Cities, TN........................... 52027........................ 2,356.07 

Rogers Municipal Airport, AR......... 52084........................ 171,980.84 

FEDEX Courier, Memphis, TN .......... 52095........................ 736,805,807.86 

Total District .................................................................. 2,997,740,985.35 

 

Port Arthur, Texas: 

Port Arthur, TX ............................... 62101........................ 30,618,453.30 

Sabine, TX ..................................... 62102........................ 2,343.33 

Beaumont, TX ................................ 62104........................ 631,617.17 

Blythe Border Patrol, CA................ 62151........................ 166,722.00 

Yuma Border Patrol, AZ................. 62152........................ 9,357.72 

Wellton Border Patrol, AZ .............. 62153........................ 12,750.00 

Total District .................................................................. 31,441,243.52 

 

 

Laredo, Texas: 

Border Patrol Sector HQ, 

 Laredo, TX .................................. 62250........................ 53,619.66 

Laredo Del Mar, TX Border 

Patrol.............................................. 62251........................ 221,944.30 

Cotulla, TX Border Patrol............... 62252........................ 7,600.00 

Hebbronville, TX Border Patrol ...... 62253........................ 43,469.00 

Laredo South Border Patrol ........... 62254........................ 28,707.00 

Freer, TX Border Patrol.................. 62256........................ 24,914.00 

Zapata, TX Border Patrol............... 62258........................ 33,703.00 

Laredo West Station ...................... 62259........................ 18,812.00 

Brownsville, TX .............................. 62301........................ 62,282,133.16 

Del Rio, TX..................................... 62302........................ 10,243,754.96 

Eagle Pass, TX .............................. 62303........................ 431,202,687.01 

Laredo, TX ..................................... 62304........................ 957,257,776.93 

Hidalgo, TX .................................... 62305........................ 176,391,676.83 

Rio Grande City, TX....................... 62307........................ 10,799,198.76 

Progreso, TX.................................. 62309........................ 1,089,438.75 

Roma, TX ....................................... 62310........................ 590,798.38 

Border Patrol Sector HQ, TX ......... 62350........................ 65,318.24 

Comstock Border Patrol, TX .......... 62351........................ 18,200.00 

Carrizo Springs Border 

 Patrol, TX .................................... 62352........................ 33,714.09 

Del Rio Border Patrol, TX .............. 62353........................ 13,350.00 

Eagle Pass Border Patrol, TX........ 62354........................ 2,320.00 

Brackettville Border Patrol, TX....... 62355........................ 5,049.41 

Uvalde Border Patrol, TX............... 62356........................ 16,735.00 

Border Patrol Sector HQ, TX ......... 62361........................ 14,600.00 

Edinburg, TX (Inactive) .................. 62381........................ 280,312.16 

Valley International Airport 

 UFA, TX....................................... 62383........................ 397,495.08 

Total District .................................................................. 1,651,137,327.72 

 

El Paso, Texas: 

El Paso, TX (Inactive) .................... 62401........................ 518.95 

El Paso, TX .................................... 62402........................ 298,612,976.07 

Presidio, TX.................................... 62403........................ 1,588,024.68 

Fabens, TX..................................... 62404........................ 140,635.02 

Columbus, NM ............................... 62406........................ 355,945.42 

Albuquerque, NM........................... 62407........................ 1,925,730.37 

Santa Teresa, NM.......................... 62408........................ 78,745,742.48 

Total District .................................................................. 381,369,572.99 

 

Nogales, Arizona: 

Douglas, AZ ................................... 62601........................ 2,499,173.98 

Lukeville, AZ................................... 62602........................ 193,053.26 

Naco, AZ ........................................ 62603........................ 64,529.49 

Nogales, AZ ................................... 62604........................ 141,577,915.94 

Phoenix, AZ.................................... 62605........................ 93,364,513.01 

Sasabe, AZ .................................... 62606........................ 34,993.40 

San Luis, AZ................................... 62608........................ 6,357,413.93 

Tucson, AZ..................................... 62609........................ 4,564,766.45 

Border Patrol Sector HQ, AZ ......... 62650........................ -92,132.60 

Casa Grande Border Patrol, AZ..... 62651........................ 52,154.10 

Tucson Border Patrol, AZ .............. 62652........................ 68,332.00 

Nogales Border Patrol, AZ............. 62653........................ 47,348.00 

Willcox Border Patrol, AZ............... 62654........................ 66,168.50 

Douglas Border Patrol, AZ............. 62655........................ 23,568.00 

Ajo Border Patrol, AZ ..................... 62656........................ 44,555.50 
FEDERAL FISCAL OPERATIONS 

December 2019

26

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

Nogales, AZ - continued 

Naco Border Patrol, AZ .................... 62657...................... 16,508.23 

Sonoita Border Patrol, AZ ................ 62658...................... 48,206.70 

Scottsdale User Fee Airport, AZ....... 62681...................... 269,546.09 

Williams Gateway Airport, AZ........... 62682...................... 133,070.10 

Total District..................................................... 249,333,684.08 

Houston, Texas: 

Houston, TX...................................... 65301...................... 3,501,599,316.58 

Texas City, TX .................................. 65306...................... 1,252,899.99 

Houston George Bush 

 Interchange, TX............................. 65309...................... 145,048,709.97 

Galveston, TX................................... 65310...................... 32,974,334.56 

Freeport, TX...................................... 65311...................... 59,793,502.75 

Corpus Christi, TX ............................ 65312...................... 166,211,398.63 

Port Lavaca, TX................................ 65313...................... 9,637,971.72 

Hobby Airport, TX............................. 65314...................... 24,816.56 

Border Patrol Sector HQ, TX............ 65350...................... -47,219.41 

Mercedes (Weslaco) Border 

 Patrol, TX....................................... 65351...................... 403,628.66 

Falfurrias Border Patrol, TX.............. 65352...................... 195,137.00 

Rio Grande City Border Patrol, TX... 65353...................... 22,750.00 

McAllen Border Patrol, TX................ 65354...................... 39,997.03 

Brownsville Border Patrol, TX .......... 65355...................... 3,757.00 

Harlingen Border Patrol, TX ............. 65356...................... 4,000.00 

Kingsville Border Patrol, TX ............. 65357...................... 93,668.88 

Fort Brown Border Patrol, TX........... 65358...................... 3,250.00 

Corpus Christi Border Patrol, TX 

 (Inactive)........................................ 65359...................... 3,143.07 

Sugar Land Regional Airport, TX ..... 65381...................... 171,998.27 

Midland, TX (Inactive)....................... 65382...................... 155,219.32 

Total District................................................................... 3,917,592,280.58 

Dallas-Ft. Worth, Texas: 

Dallas/Ft. Worth, TX ......................... 65501...................... 1,776,061,462.91 

Amarillo, TX ...................................... 65502...................... 5,583.58 

Lubbock, TX...................................... 65503...................... 1,653,708.46 

Oklahoma City, OK........................... 65504...................... 20,820,067.12 

Tulsa, OK.......................................... 65505...................... 20,597,118.55 

Austin, TX ......................................... 65506...................... 9,529,321.49 

San Antonio, TX ............................... 65507...................... 22,827,617.34 

Border Patrol Sector HQ, TX............ 65550...................... 77,152.20 

Presidio Border Patrol, TX................ 65553...................... 500.00 

Marfa Border Patrol, TX.................... 65554...................... 13,200.00 

Fort Stockton, TX.............................. 65556...................... 28,198.29 

Sanderson Border Patrol, TX ........... 65557...................... 1,500.00 

Alpine Border Patrol, TX................... 65558...................... 3,750.00 

Sierra Blanca Border Patrol, TX....... 65560...................... 6,810.00 

Van Horn Border Patrol, TX ............. 65561...................... 6,000.00 

Midland International Airport, TX...... 65582...................... 138,901.13 

Fort Worth Alliance Airport, TX......... 65583...................... 1,180,131.48 

Addison Airport, TX .......................... 65584...................... 173,856.18 

Collin County Regional Airport, TX..... 65585...................... 146,286.59 

Kelly Field Annex, TX ....................... 65587...................... 123,438.00 

Dallas Love Field (DAL), TX............. 65588...................... 363,007.17 

Meacham INTL Airport ..................... 65589...................... 80,131.74 

Total District................................................................... 1,853,837,742.23 

San Diego, California:

San Diego, CA.................................. 72501...................... 156,490,426.64 

Andrade, CA ..................................... 72502...................... 252,958.03 

Calexico, CA..................................... 72503...................... 22,251.73 

San Ysidro, CA................................. 72504...................... 4,322,134.27 

Tecate, CA........................................ 72505...................... 1,720,915.36 

Otay Mesa, CA ................................. 72506...................... 182,728,962.22 

Calexico-East, CA ............................ 72507...................... 48,093,819.04 

McClellan-Palomar Airport, CA ....... 72581...................... 210,343.88 

Total District................................................................... 393,841,811.17 

Los Angeles, California: 

Los Angeles, CA............................... 72704...................... 17,781,384,417.30 

Long Beach, CA ............................... 72709...................... 33,486,798.49 

Port Hueneme, CA ........................... 72713...................... 100,803,096.88 

Morro Bay, CA........................................... 72719...................... 12,358.23 

Los Angeles International Airport, CA..... 72720...................... 1,242,085,652.32 

Ontario International Airport, CA.............. 72721...................... 2,400,335.12 

Las Vegas, NV.................................. 72722...................... 36,505,456.22 

TNT Express Worldwide, CA............ 72775...................... 573,391.64 

International Bonded Couriers, CA..... 72776...................... 219,314.79 

Micom, CA ........................................ 72777...................... 455,183.36 

Palm Springs User Fee, CA ............. 72781...................... 182,541.04 

San Bernardino User Fee Airport, CA.... 72782...................... 179,580.01 

So. California Logistics Airport, CA..... 72783...................... 687,584.21 

Meadows Field Airport, CA............... 72786...................... 223,822.04 

72787 Los Angeles, CA.................... 72787...................... 1,299,079.58 

Van Nuys, CA (UFA) ........................ 72788...................... 302,475.78 

DHL HUB, CA................................... 72791...................... 126,370,302.62 

UPS Ontario, Los Angeles, CA ........ 72795...................... 78,691,813.18 

Total District............................................................. 19,405,863,202.81 

San Francisco, California: 

San Francisco International 

 Airport, CA .................................... 72801...................... 493,447,687.26 

Eureka, CA ....................................... 72802...................... 16,921.35 

Fresno, CA........................................ 72803...................... 43,255,332.11 

San Francisco, CA............................ 72809...................... 2,311,236,186.11 

Stockton, CA..................................... 72810...................... 4,380,260.89 

Oakland, CA ..................................... 72811...................... 37,673,349.70 

Richmond, CA................................... 72812...................... 1,923,785.50 

Martinez, CA..................................... 72820...................... 359,154.20 

San Juaquin River, CA ..................... 72828...................... 1,283.79 

Carquinez Strait, CA......................... 72830...................... 1,728.48 

Reno, NV .......................................... 72833...................... 3,153,411.48 

San Jose International Airport, CA... 72834...................... 424,128.38 

Sacramento International Airport, CA..... 72835...................... 6,957,271.92 

Fresno Yosemite Airport, CA............ 72882...................... 1,025,821.26 

FEDEX Courier Facility, CA ............. 72895...................... 166,096,841.67 

Total District................................................................... 3,069,953,164.10 

Portland, Oregon: 

Astoria, OR ....................................... 72901...................... 956,412.25 

Newport, OR..................................... 72902...................... 832.22 

Coos Bay, OR................................... 72903...................... 151,118.90 

Portland, OR..................................... 72904...................... 550,363,801.43 

Longview, WA................................... 72905...................... 28,619,819.21 

Boise, ID ........................................... 72907...................... 346,958.30 

Vancouver, WA................................. 72908...................... 1,374,474.11 

Kalama, WA...................................... 72909...................... 317,981.89 

Portland International Airport, OR.... 72910...................... 1,088,432.92 

Medford, OR, (Inactive) .................... 72982...................... 1,510,646.11 

Hillsboro Airport, OR......................... 72983...................... 150,457.73 

Total District................................................................... 584,880,935.07 
FEDERAL FISCAL OPERATIONS 

December 2019

27 

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2018

 

Seattle, Washington: 

Seattle, WA....................................... 73001................... 1,189,141,035.13 

Tacoma, WA..................................... 73002................... 1,310,050,019.40 

Aberdeen, WA .................................. 73003................... 4,872,840.62 

Blaine, WA........................................ 73004................... 241,761,633.06 

Bellingham, WA ................................ 73005................... 5,011,475.76 

Everett, WA....................................... 73006................... 10,463,156.05 

Port Angeles, WA ............................. 73007................... 502,678.46 

Port Townsend, WA.......................... 73008................... 2,297.23 

Sumas, WA....................................... 73009................... 84,051,666.47 

Anacortes, WA.................................. 73010................... 4,187,745.47 

Nighthawk, WA................................. 73011................... 1,721.81 

Danville, WA ..................................... 73012................... 80,070.54 

Ferry, WA.......................................... 73013................... 518,338.23 

Friday Harbor, WA............................ 73014................... 134,806.82 

Boundary, WA................................... 73015................... 2,687,999.41 

Laurier, WA....................................... 73016................... 9,768,717.42 

Point Roberts, WA............................ 73017................... 425,521.65 

Oroville, WA...................................... 73019................... 20,828,340.32 

Frontier, WA...................................... 73020................... 500,820.53 

Spokane, WA.................................... 73022................... 1,011,728.58 

Lynden, WA ...................................... 73023................... 414,226.10 

Metaline Falls, WA............................ 73025................... 1,221,411.96 

Olympia, WA..................................... 73026................... 33,666.65 

Seattle-Tacoma International 

 Airport, WA .................................... 73029................... 119,276,941.00 

UPS, Seattle, WA ............................. 73071................... 4,515,828.91 

Grant County Airport, Moses 

 Lake, WA ....................................... 73082................... 2,067,176.88 

Total District................................................................ 3,013,531,864.46 

 

 

Anchorage, Alaska: 

Juneau, AK ....................................... 73101................... 130,410.31 

Ketchikan, AK ................................... 73102................... 280,103.91 

Skagway, AK .................................... 73103................... 53,827.44 

Alcan, AK.......................................... 73104................... 1,684,247.28 

Wrangell, AK..................................... 73105................... 8,849.70 

Dalton Cache, AK............................. 73106................... 34,875.50 

Fairbanks, AK................................... 73111................... 77,948.80 

Sitka, AK........................................... 73115................... 36,068.98 

Anchorage, AK.................................. 73126................... 17,929,234.36 

Federal Express Courier, AK............ 73195................... 275,155,053.39 

UPS Courier Hub, AK....................... 73196................... 988,475.98 

Total District................................................................ 296,379,095.65 

 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 57,448,173.38 

Hilo, HI .............................................. 73202................... 85,485.27 

Kahului, HI ........................................ 73203................... 132,353.23 

Nawiliwili-Port Allen, HI..................... 73204................... 49,557.88 

Honolulu Airport, HI .......................... 73205................... 8,825,330.31 

Kona, HI............................................ 73206................... 31,533.77 

Honolulu FEDEX Corp 73279................... 3,739,085.05 

Total District................................................................ 70,311,518.89 

 

Guam 

Guam................................................ 73207................... 34,160.00 

Total District................................................................ 34,160.00 

 

Total Customs and Border Protection Collections 

 for fiscal year 2019 ..................................................... 84,251,996,377.18 
December 2019 

28 

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2019 

29 

TABLE FD-1—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

2015............................... 18,174,718 18,150,618 24,100 5,026,867 5,026,862 5 13,147,851 13,123,756 24,095 

2016............................... 19,597,812 19,573,445 24,367 5,395,699 5,395,695 4 14,202,113 14,177,750 24,363 

2017............................... 20,269,269 20,244,900 24,369 5,563,074 5,563,073 1 14,706,195 14,681,827 24,368 

2018............................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

2019............................... 22,740,857 22719402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

2018 - Sept .................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

Oct ..................... 21,725,216 21,702,370 22,846 5,840,466 5,840,466 - 15,884,750 15,861,904 22,846 

Nov..................... 21,873,089 21,850,094 22,995 5,786,563 5,786,563 - 16,086,526 16,063,531 22,995 

Dec..................... 21,997,036 21,974,096 22,940 5,853,354 5,853,354 - 16,143,682 16,120,742 22,940 

2019 - Jan...................... 22,005,220 21,982,423 22,797 5,862,428 5,862,428 - 16,142,792 16,119,995 22,797 

Feb..................... 22,138,026 22,115,526 22,500 5,845,051 5,845,051 - 16,292,975 16,270,475 22,500 

Mar..................... 22,050,081 22,027,880 22,201 5,804,029 5,804,029 - 16,246,052 16,223,851 22,201 

 Apr ..................... 22,049,873 22,027,668 22,205 5,816,978 5,816,978 - 16,232,895 16,210,690 22,205 

May .................... 22,048,574 22,026,424 22,150 5,806,506 5,806,506 - 16,242,068 16,219,918 22,150 

June ................... 22,045,280 22,023,283 21,997 5,818,564 5,818,564 - 16,226,716 16,204,719 21,997 

 July .................... 22,044,255 22,022,369 21,886 5,795,177 5,795,177 - 16,249,078 16,227,192 21,886 

Aug..................... 22,482,155 22,460,467 21,688 5,847,510 5,847,510 - 16,634,645 16,612,957 21,688 

Sept.................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

2015 ............................... 18,174,718 56,852 18,117,866 5,026,867 25,603 5,001,264 13,147,851 31,249 13,116,602 

2016 ............................... 19,597,812 60,393 19,537,417 5,395,699 26,706 5,368,993 14,202,113 33,687 14,168,425 

2017 ............................... 20,269,269 65,378 20,203,891 5,563,074 25,909 5,537,165 14,706,195 39,469 14,666,725 

2018 ............................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

2019 ............................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

2018 - Sept .................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

Oct...................... 21,336,499 82,068 21,643,147 5,726,291 29,399 5,811,067 15,610,208 52,669 15,832,080 

Nov..................... 21,873,089 83,956 21,789,133 5,655,997 29,647 5,756,916 16,217,092 54,309 16,032,217 

Dec..................... 21,997,036 82,484 21,914,550 5,737,252 29,616 5,823,738 16,259,784 52,868 16,090,812 

2019 - Jan ...................... 22,005,220 81,028 21,924,191 5,840,466 29,152 5,833,276 16,164,754 51,876 16,090,915 

Feb ..................... 22,138,026 81,940 22,056,085 5,786,563 29,494 5,815,557 16,351,463 52,446 16,240,529 

Mar..................... 22,050,081 80,387 21,969,694 5,853,354 28,933 5,775,097 16,196,727 51,454 16,194,597 

 Apr ..................... 22,049,873 79,194 21,970,679 5,862,428 28,703 5,788,276 16,187,445 50,491 16,182,403 

May .................... 22,048,574 79,389 21,969,184 5,845,051 29,223 5,777,284 16,203,523 50,166 16,191,900 

June ................... 22,045,280 76,241 21,969,038 5,804,029 29,089 5,789,475 16,241,251 47,152 16,179,563 

 July..................... 22,044,255 73,988 21,970,265 5,795,177 28,897 5,766,279 16,249,078 45,091 16,203,986 

Aug..................... 22,482,155 73,196 22,408,957 5,847,510 28,725 5,818,785 16,634,645 44,471 16,590,173 

Sept.................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 
FEDERAL DEBT 

December 2019

30 

 Nonmarketable, continued 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

 

2015 .......................... 172,826 - 264 9,138 78,115 29,995 1,642 

2016 .......................... 167,524 - 264 226,349 109,211 29,995 1,777 

2017 .......................... 161,705 - 264 223,787 80,359 29,995 1,641 

2018 .......................... 156,809 - 264 250,680 71,753 29,995 1,575 

2019 .......................... 152,355 - 264 248,052 53,809 29,995 1,981 

 

2018 - Sept ............... 156,809 - 264 250,680 71,753 29,995 1,575 

Oct................. 156,484 - 264 254,063 72,050 29,995 1,571 

Nov................ 156,225 - 264 255,971 68,985 29,995 1,630 

Dec................ 155,795 - 264 258,083 66,197 29,995 1,660 

2019 - Jan ................. 155,254 - 264 261,183 61,438 29,995 1,634 

Feb ................ 154,933 - 264 262,304 61,179 29,995 1,623 

Mar................ 154,533 - 264 45,624 61,975 29,995 1,635 

 Apr ................ 154,146 - 264 94,942 58,030 29,995 1,755 

May ............... 153,752 - 264 49,279 52,845 29,995 1,756 

June .............. 153,407 - 264 48,751 47,865 29,995 1,806 

 July................ 153,029 - 264 38,352 43,643 29,995 1,827 

Aug................ 152,642 - 264 244,960 44,786 29,995 1,859 

Sept............... 152,355 - 264 248,052 53,809 29,995 1,981 

 

 TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

 

2015 .......................... 13,123,847 12,831,867 1,355,231 8,366,026 1,688,208 1,135,363 287,039 291,980 

2016 .......................... 14,173,424 13,638,303 1,644,759 8,624,253 1,825,338 1,209,814 334,139 535,120 

2017 .......................... 14,673,429 14,175,677 1,799,570 8,798,940 1,948,414 1,286,124 342,630 497,752 

2018 .......................... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

2019 .......................... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

 

2018 - Sept ............... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

Oct................. 15,843,329 15,328,902 2,257,391 9,213,591 2,129,633 1,382,053 346,235 514,427 

Nov................ 16,044,318 15,531,248 2,388,456 9,236,034 2,145,313 1,395,634 365,811 513,070 

Dec................ 16,101,667 15,589,671 2,339,374 9,292,753 2,161,472 1,412,256 383,815 511,995 

2019 - Jan ................. 16,101,227 15,591,458 2,298,360 9,351,632 2,177,715 1,403,461 360,290 509,769 

Feb ................ 16,250,898 15,740,600 2,395,382 9,371,585 2,187,909 1,407,439 378,285 510,298 

Mar................ 16,204,392 15,910,365 2,479,407 9,410,162 2,203,850 1,420,671 396,275 294,027 

 Apr ................ 16,192,789 15,853,656 2,383,330 9,485,849 2,222,584 1,389,990 371,903 339,133 

May ............... 16,202,283 15,914,391 2,353,292 9,511,363 2,247,949 1,409,990 391,797 287,892 

June .............. 16,188,422 15,906,333 2,250,354 9,548,047 2,266,020 1,432,115 409,798 282,089 

 July................ 16,211,185 15,944,073 2,205,307 9,636,337 2,282,191 1,432,181 388,058 267,112 

Aug................ 16,596,816 16,122,309 2,331,300 9,650,801 2,294,496 1,439,650 406,062 474,507 

Sept............... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 
FEDERAL DEBT 

December 2019 

31 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

2015 ..................... 2,766,649 828 66,128 7,667 4,903 7,163 874 44,368 1,003,215

2016 ..................... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,309,888

2017 ..................... 2,820,200 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004

2018 ..................... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,516,817

2019 ..................... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

2018 - Sept .......... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,508,159

Oct............ 2,789,345 854 102,342 39,405 2,949 10,290 676 71,703 1,511,576

Nov........... 2,772,982 856 84,762 37,976 2,904 9,812 657 73,577 1,514,907

Dec........... 2,797,974 857 104,159 37,649 2,901 9,918 387 72,164 1,638,535

2019 - Jan ............ 2,806,515 859 107,463 37,807 2,850 10,608 583 70,038 1,634,325

Feb ........... 2,794,748 861 110,773 37,736 2,796 8,461 676 70,989 1,633,615

Mar........... 2,789,289 862 110,133 37,778 2,731 8,830 666 68,357 1,635,344

 Apr ........... 2,805,586 864 112,260 38,418 2,670 9,643 754 69,311 1,636,819

May .......... 2,794,787 866 85,660 37,047 2,611 8,588 738 84,580 1,419,657

June ......... 2,833,813 868 105,918 35,824 2,612 8,676 537 83,776 1,473,810

 July........... 2,826,907 869 105,837 34,556 2,554 8,530 656 82,780 1,416,975

Aug........... 2,812,668 871 87,227 31,168 2,512 8,992 579 86,140 1,622,554

Sept.......... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

Note—Detail may not add to totals due to rounding. 

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

2015 .................. 5,013,530 12,716 60,096 43,958 20,773 41,638 737,096 195,458 - 

2016 .................. 5,604,069 13,400 71,524 45,167 22,680 45,880 874,141 192,209 36,441 

2017 .................. 5,771,144 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 

2018 .................. 5,977,617 14,212 94,431 46,616 22,311 93,401 931,838 202,805 26,975 

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2018 - Sept ....... 5,977,617 14,212 96,341 46,616 22,311 93,401 931,838 202,805 26,975 

Oct......... 6,084,109 14,796 96,608 46,655 22,355 93,338 927,143 199,614 27,501 

Nov........ 6,032,885 15,036 96,736 46,742 22,353 94,351 923,394 188,324 28,098 

Dec........ 6,101,877 15,117 99,339 46,805 22,399 97,201 932,693 200,116 28,583 

2019 - Jan ......... 6,113,990 14,817 99,302 46,842 22,445 99,035 927,196 205,557 26,729 

Feb ........ 6,097,856 15,219 99,553 47,530 22,435 97,494 923,064 199,611 29,091 

Mar........ 5,840,580 15,220 101,002 47,535 22,480 96,856 894,471 195,317 29,396 

 Apr ........ 5,902,566 15,407 101,662 47,535 22,528 99,655 894,422 208,041 - 

May ....... 5,846,560 15,620 101,776 47,555 22,519 98,158 887,071 186,892 47,720 

June ...... 5,859,045 16,149 101,584 47,578 22,558 101,029 815,093 206,307 48,299 

 July........ 5,825,469 16,073 102,729 47,624 22,603 99,379 807,540 200,956 48,901 

Aug........ 6,084,613 15,468 101,846 48,142 22,583 97,511 911,025 185,480 49,847 

Sept....... 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 
FEDERAL DEBT 

December 2019

32

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

2015 ............................ 24,100 19 107 23,878 96 *

2016 ............................ 24,367 19 98 24,175 75 *

2017 ............................ 24,369 19 89 24,209 52 *

2018 ............................ 22,822 19 80 22,696 27 *

2019 ............................ 21,455 19 69 21,367 * *

2018 - Sept ................. 22,822 19 80 22,696 27 *

Oct................... 22,846 19 80 22,720 27 *

Nov.................. 22,995 19 81 22,869 27 *

Dec.................. 22,940 19 81 22,813 27 *

2019 - Jan ................... 22,797 19 82 22,670 27 *

Feb .................. 22,500 19 74 22,394 14 *

Mar.................. 22,201 19 75 22,094 14 *

 April.................. 22,205 19 75 22,097 14 *

May ................. 22,150 19 76 22,042 14 *

June ................ 21,997 19 75 21,890 14 *

 July.................. 21,886 19 77 21,777 14 *

Aug.................. 21,688 19 69 21,601 * *

Sept................. 21,455 19 69 21,367 * *

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

December 2019 

33 

TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

10-20

years 

(5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

2015 ............................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 

2016 ............................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 

2017 ............................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66 

2018 ............................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

2018 - Sept..................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 

Oct...................... 13,077,091 3,818,212 5,276,404 2,501,914 121,341 1,359,221 65 

Nov ..................... 13,309,195 3,969,497 5,352,897 2,495,378 113,027 1,378,396 64 

Dec ..................... 13,385,360 3,927,279 5,426,079 2,524,238 113,097 1,394,666 64 

2019 - Jan ...................... 13,403,618 3,899,283 5,461,802 2,535,614 96,751 1,410,168 65

Feb ..................... 13,583,882 4,013,313 5,521,894 2,521,411 103,143 1,424,121 65 

Mar ..................... 13,681,505 4,108,702 5,500,058 2,529,183 103,183 1,440,379 64 

 Apr...................... 13,746,594 4,045,610 5,549,483 2,608,424 86,014 1,457,062 65

May..................... 13,821,207 4,037,791 5,631,335 2,589,055 97,685 1,465,341 65 

June.................... 13,739,980 3,948,429 5,623,904 2,587,748 97,719 1,482,180 66 

 July..................... 13,878,573 3,947,861 5,715,596 2,618,804 97,735 1,498,577 66

Aug ..................... 13,966,170 4,094,512 5,699,342 2,554,760 105,240 1,512,317 66 

Sept.................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

Note—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

December 2019

34 

TABLE FD-6—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

2015 ....................................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 

2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 

 

2018 – Sept2........................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

Oct2............................. - 21,661,035 21,661,035 - 21,702,370 - 41,335 

Nov2............................ - 21,808,202 21,808,202 - 21,850,094 - 41,892 

Dec3............................ - 21,933,738 21,933,738 - 21,974,096 - 40,358 

2019 – Jan3 ............................ - 21,941,179 21,941,179 - 21,982,423 - 41,244 

Feb4 ............................ - 22,074,156 22,074,156 - 22,115,526 - 41,371 

Mar4 ............................ 21,987,706 21,987,681 21,987,681 - 22,027,880 - 40,200 

 Apr4 ............................ 21,987,706 21,987,681 21,987,681 - 22,027,668 - 39,988 

May4 ........................... 21,987,706 21,987,681 21,987,681 - 22,026,424 - 38,743 

June4 .......................... 21,987,706 21,987,681 21,987,681 - 22,023,283 - 35,602 

 July4............................ 21,987,706 21,987,681 21,987,681 - 22,022,369 - 34,688 

Aug4............................ - 22,427,545 22,427,545 - 22,460,467 - 32,922 

Sept4........................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 

 

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the 

Statutory Debt Limit has been suspended through March 15, 2017. The Statutory Debt Limit in 

31 U.S.C. 3101(b) was permanently increased effective March 16, 2017 to 

$19,808,772,381,624.74. 

(2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental 

Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory 

Debt Limit was suspended through December 8, 2017. 

(3) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and 

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, 

Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 

2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased 

effective December 9, 2017, to $20,455,999,906,400.12.

(4) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and 

Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was 

suspended through March 1, 2019. 
FEDERAL DEBT 

December 2019 

35 

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2015 ....................................... 1,306,402 19,261 26,261 23,057 626 688 

2016 ....................................... 1,389,173 25,620 24,585 24,130 654 636 

2017 ....................................... 1,442,633 19,810 21,940 26,992 645 601 

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453 

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432 

 

2018 - Sept ............................ 1,512,469 23,005 19,325 26,797 583 453 

Oct.............................. 1,569,160 28,758 19,433 26,947 586 453 

Nov............................. 1,569,709 27,494 19,639 27,302 591 453 

Dec............................. 1,595,896 30,276 19,639 27,302 591 453 

2019 - Jan .............................. 1,603,858 36,297 19,658 27,359 591 453 

Feb ............................. 1,605,765 33,357 20,016 27,920 611 453 

Mar............................. 1,606,124 31,653 19,900 27,913 566 453 

 Apr ............................. 1,621,331 32,077 19,959 28,216 571 453 

May ............................ 1,634,029 32,207 20,041 28,215 575 453 

June ........................... 1,632,530 33,759 20,098 28,450 578 453 

 July............................. 1,633,877 33,414 20,551 28,450 578 453 

Aug............................. 1,623,098 35,815 21,362 29,354 633 431 

Sept............................ 1,570,919 39,017 21,473 29,605 660 432 

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2015 ....................................... 1,050,374 4,649 26,921 127 58,050 

2016 ....................................... 1,126,370 4,759 30,318 128 59,043 

2017 ....................................... 1,178,495 5,009 27,954 128 61,270 

2018 ....................................... 1,258,499 5,531 24,709 134 61,584 

2019 ....................................... 1,287,510 5,280 30,386 24 63,751 

 

2018 - Sept ............................ 1,258,499 5,531 24,709 134 61,584 

Oct ............................. 1,308,416 5,508 24,709 134 61,640 

Nov............................. 1,307,269 5,478 24,734 134 62,219 

Dec............................. 1,329,918 5,398 24,734 134 62,355 

2019 - Jan.............................. 1,330,500 5,374 24,734 134 62,883 

Feb............................. 1,335,506 5,299 24,734 134 61,474 

Mar............................. 1,335,506 5,299 24,734 134 62,880 

 Apr ............................. 1,349,299 5,299 24,734 134 62,961 

May ............................ 1,351,646 5,299 33,334 134 63,545 

June ........................... 1,351,664 5,294 33,334 135 63,587 

 July ............................ 1,352,731 5,294 33,334 134 63,427 

Aug............................. 1,340,866 5,451 33,334 30 63,700 

Sept............................ 1,287,510 5,280 30,386 24 63,751 

 
FEDERAL DEBT 

December 2019

36 

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2015 ...................................... 21,634 3,532 7,757 68,034 

2016 ...................................... 22,725 3,498 7,176 62,989 

2017 ...................................... 25,022 3,577 8,020 56,308 

2018 ...................................... 24,645 3,712 7,693 63,739 

2019 ...................................... 20,213 3,725 11,212 56,699 

 

2018 - Sept ........................... 20,213 3,725 11,212 56,699 

Oct............................. 20,223 4,093 11,212 57,048 

Nov............................ 20,223 4,417 12,604 57,152 

Dec............................ 20,229 4,799 12,604 57,464 

2019 - Jan ............................. 20,250 5,182 12,604 57,839 

Feb ............................ 20,257 5,468 12,604 57,932 

Mar............................ 20,257 5,821 12,700 58,308 

 Apr ............................ 20,259 6,178 12,369 58,822 

May ........................... 20,259 6,502 12,500 59,319 

June .......................... 20,259 2,802 12,500 59,617 

 July............................ 20,259 3,199 12,534 59,519 

Aug............................ 16,946 3,533 12,639 59,004 

Sept........................... 16,946 3,934 11,810 60,091 

 

Note—Detail may not add to totals due to rounding. 
37 

December 2019 

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JULY-SEPTEMBER 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

JULY 

Auction of 2-Year Notes 

On June 20, 2019, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $71,993 million of securities maturing June 

30 and to raise new cash of approximately $41,007 

million. 

The 2-year notes of Series BC-2021 were dated 

June 30 and issued July 1. They are due June 30, 2021, 

with interest payable on December 31 and June 30 

until maturity. Treasury set an interest rate of 1-5/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon Eastern Time (ET) for noncompetitive 

tenders and before 1:00 p.m. ET for competitive 

tenders on June 25. Tenders totaled $103,020 million; 

Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 1.695 

percent with an equivalent price of $99.863062. 

Treasury accepted in full all competitive tenders at 

yields lower than 1.695 percent. Tenders at the high 

yield were allotted 25.35 percent. The median yield 

was 1.664 percent, and the low yield was 1.570 

percent. Noncompetitive tenders totaled $154 million. 

Competitive tenders accepted from private investors 

totaled $39,646 million. Accrued interest of $0.04416 

per $1,000 must be paid for the period from June 30 to 

July 1. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,288 million from Federal Reserve Banks (FRBs) 

for their own accounts. The minimum par amount 

required for Separate Trading of Registered Interest 

and Principal Securities (STRIPS) of notes of Series 

BC-2021 is $100. 

Auction of 5-Year Notes 

On June 20, 2019, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $71,993 million of securities maturing June 

30 and to raise new cash of approximately $41,007 

million. 

The 5-year notes of Series AA-2024 were dated 

June 30 and issued July 1. They are due June 30, 2024, 

with interest payable on December 31 and June 30 

until maturity. Treasury set an interest rate of 1-3/4 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

38 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 26. 

Tenders totaled $96,172 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.791 percent with an equivalent price of 

$99.804805. Treasury accepted in full all competitive 

tenders at yields lower than 1.791 percent. Tenders at 

the high yield were allotted 88.23 percent. The median 

yield was 1.750 percent, and the low yield was 1.630 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors 

totaled $40,974 million. Accrued interest of $0.04755 

per $1,000 must be paid for the period from June 30 to 

July 1. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,345 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AA-2024 is $100. 

Auction of 7-Year Notes 

On June 20, 2019, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $71,993 million of securities maturing June 

30 and to raise new cash of approximately $41,007 

million. 

The 7-year notes of Series M-2026 were dated 

June 30 and issued July 1. They are due June 30, 2026, 

with interest payable on December 31 and June 30 

until maturity. Treasury set an interest rate of 1-7/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 27. 

Tenders totaled $78,094 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.889 percent with an equivalent price of 

$99.908592. Treasury accepted in full all competitive 

tenders at yields lower than 1.889 percent. Tenders at 

the high yield were allotted 49.06 percent. The median 

yield was 1.855 percent, and the low yield was 1.750 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors 

totaled $31,991 million. Accrued interest of $0.05095 

per $1,000 must be paid for the period from June 30 to 

July 1. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,830 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series M-2026 is $100. 

Auction of 3-Year Notes 

On July 3, 2019, Treasury announced it would 

auction $38,000 million of 3-year notes. The issue was 

to refund $41,549 million of securities maturing July 

15 and to raise new cash of approximately $36,451 

million. T 

The 3-year notes of Series AP-2022 were dated 

and issued July 15. They are due July 15, 2022, with 

interest payable on January 15 and July 15 until 

maturity. Treasury set an interest rate of 1-3/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 9. 

Tenders totaled $90,905 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.857 percent with an equivalent price of 

$99.689179. Treasury accepted in full all competitive 

tenders at yields lower than 1.857 percent. Tenders at 

the high yield were allotted 45.35 percent. The median 

yield was 1.821 percent, and the low yield was 1.700 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors 

totaled $37,971 million. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted 

$324 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AP-2022 is $100. 

Auction of 9-Year 10-Month 2-7/8 Percent 

Notes 

On July 3, 2019, Treasury announced it would 

auction $24,000 million of 9-year 10-month 2-3/8 

percent notes. The issue was to refund $41,549 million 

of securities maturing July 15 and to raise new cash of 

approximately $36,451 million. 

The 9-year 10-month 2-3/8 percent notes of Series 

C-2029 were dated May 15 and issued July 15. They 

are due May 15, 2029, with interest payable on 

November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

39 

1:00 p.m. ET for competitive tenders on July 10. 

Tenders totaled $57,786 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.064 percent with an equivalent price of 

$102.752671. Treasury accepted in full all competitive 

tenders at yields lower than 2.064 percent. Tenders at 

the high yield were allotted 2.74 percent. The median 

yield was 2.030 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors 

totaled $23,995 million. Accrued interest of $3.93682 

per $1,000 must be paid for the period from May 15 to 

July 15. 

In addition to the $24,000 million of tenders 

accepted in the auction process, Treasury accepted 

$204 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series C-2029 is $100. 

Auction of 29-Year 10-Month 2-7/8 Percent 

Bonds 

On July 3, 2019, Treasury announced it would 

auction $16,000 million of 29-year 10-month 2-7/8 

percent bonds. The issue was to refund $41,549 

million of securities maturing July 15 and to raise new 

cash of approximately $36,451 million. 

The 29-year 10-month 2-7/8 percent bonds of May 

2049 were dated May 15 and issued July 15. They are 

due May 15, 2049, with interest payable on November 

15 and May 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 11. 

Tenders totaled $34,067 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.644 percent with an equivalent price of 

$104.742265. Treasury accepted in full all competitive 

tenders at yields lower than 2.644 percent. Tenders at 

the high yield were allotted 19.72 percent. The median 

yield was 2.570 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors 

totaled $15,993 million. Accrued interest of $4.76563 

per $1,000 must be paid for the period from May 15 to 

July 15. 

In addition to the $16,000 million of tenders 

accepted in the auction process, Treasury accepted 

$136 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2049 is $100. 

Auction of 52-Week Bills 

On July 11, 2019, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued July 18 and will mature July 16, 

2020. The issue was to refund $104,009 million of all 

maturing bills and to pay down approximately $6,009 

million. Treasury auctioned the bills on July 16. 

Tenders totaled $74,507 million; Treasury accepted 

$26,000 million, including $510 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.915 percent. 

Auction of 10-Year Treasury Inflation 

Protected Security (TIPS) 

On July 11, 2019, Treasury announced it would 

auction $14,000 million of 10-year TIPS. The issue 

was to refund $115,866 million of securities maturing 

July 31 and to raise new cash of approximately 

$31,134 million. 

The 10-year TIPS of Series D-2029 were dated 

July 15 and issued July 31. They are due July 15, 

2029, with interest payable on January 15 and July 15 

until maturity. Treasury set an interest rate of 0-1/4 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 18. 

Tenders totaled $31,901 million; Treasury accepted 

$14,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.282 percent with an equivalent adjusted 

price of $99.795681. Treasury accepted in full all 

competitive tenders at yields lower than 0.282 percent. 

Tenders at the high yield were allotted 76.06 percent. 

The median yield was 0.218 percent, and the low yield 

was 0.088 percent. Noncompetitive tenders totaled $23 

million. Competitive tenders accepted from private 

investors totaled $13,977 million. Adjusted accrued 

interest of $0.10882 per $1,000 must be paid for the 

period from July 15 to July 31. Both the unadjusted 

price of $99.686026 and the unadjusted accrued 

interest of $0.10870 were adjusted by an index ratio of 

1.0011, for the period from July 15 to July 31. 

In addition to the $14,000 million of tenders 

accepted in the auction process, Treasury accepted 

$556 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series D-2029 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

40 

Auction of 2-Year Notes 

On July 18, 2019, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $115,866 million of securities maturing July 

31 and to raise new cash of approximately $31,134 

million. 

The 2-year notes of Series BD-2021 were dated 

and issued July 31. They are due July 31, 2021, with 

interest payable on January 31 and July 31 until 

maturity. Treasury set an interest rate of 1-3/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 23. 

Tenders totaled $99,988 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.825 percent with an equivalent price of 

$99.853360. Treasury accepted in full all competitive 

tenders at yields lower than 1.825 percent. Tenders at 

the high yield were allotted 32.14 percent. The median 

yield was 1.800 percent, and the low yield was 1.588 

percent. Noncompetitive tenders totaled $185 million. 

Competitive tenders accepted from private investors 

totaled $39,710 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,589 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BD-2021 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On July 18, 2019, Treasury announced it would 

auction $20,000 million of 2-year FRNs. The issue 

was to refund $115,866 million of securities maturing 

July 31 and to raise new cash of approximately 

$31,134 million. 

The 2-year FRNs of Series BE-2021 were dated 

and issued July 31. They are due July 31, 2021, with 

interest payable on October 31, January 31, April 30, 

and July 31 until maturity. Treasury set a spread of 

0.220 percent after determining which tenders were 

accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on July 24. 

Tenders totaled $54,511 million; Treasury accepted 

$20,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.220 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.220 percent. Tenders at the high discount margin 

were allotted 54.37 percent. The median discount 

margin was 0.190 percent, and the low discount 

margin was 0.170 percent. Noncompetitive tenders 

totaled $20 million. Competitive tenders accepted from 

private investors totaled $19,981 million. 

In addition to the $20,000 million of tenders 

accepted in the auction process, Treasury accepted 

$795 million from FRBs for their own accounts. 

Auction of 5-Year Notes 

On July 18, 2019, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $115,866 million of securities maturing July 

31 and to raise new cash of approximately $31,134 

million. 

The 5-year notes of Series AB-2024 were dated 

and issued July 31. They are due July 31, 2024, with 

interest payable on January 31 and July 31 until 

maturity. Treasury set an interest rate of 1-3/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 24. 

Tenders totaled $92,680 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.824 percent with an equivalent price of 

$99.647902. Treasury accepted in full all competitive 

tenders at yields lower than 1.824 percent. Tenders at 

the high yield were allotted 82.71 percent. The median 

yield was 1.779 percent, and the low yield was 1.700 

percent. Noncompetitive tenders totaled $46 million. 

Competitive tenders accepted from private investors 

totaled $40,950 million. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,629 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AB-2024 is $100. 

Auction of 7-Year Notes 

On July 18, 2019, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $115,866 million of securities maturing July 

31 and to raise new cash of approximately $31,134 

million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

41 

The 7-year notes of Series N-2026 were dated and 

issued July 31. They are due July 31, 2026, with 

interest payable on January 31 and July 31 until 

maturity. Treasury set an interest rate of 1-7/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on July 25. 

Tenders totaled $72,783 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.967 percent with an equivalent price of 

$99.401112. Treasury accepted in full all competitive 

tenders at yields lower than 1.967 percent. Tenders at 

the high yield were allotted 6.34 percent. The median 

yield was 1.920 percent, and the low yield was 1.488 

percent. Noncompetitive tenders totaled $18 million. 

Competitive tenders accepted from private investors 

totaled $31,982 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,271 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series N-2026 is $100. 

AUGUST 

August Quarterly Financing 

On Jul 31, 2019, Treasury announced it would 

auction $38,000 million of 3-year notes, $27,000 

million of 10-year notes, and $19,000 million of 30-

year bonds to refund $57,338 million of securities 

maturing August 15, 2019 and to raise new cash of 

approximately $26,662 million. 

The 3-year notes of Series AQ-2022 were dated 

and issued August 15. They are due August 15, 2022, 

with interest payable on February 15 and August 15 

until maturity. Treasury set an interest rate of 1-1/2 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 6. 

Tenders totaled $91,590 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.562 percent with an equivalent price of 

$99.818980. Treasury accepted in full all competitive 

tenders at yields lower than 1.562 percent. Tenders at 

the high yield were allotted 52.08 percent. The median 

yield was 1.530 percent, and the low yield was 1.088 

percent. Noncompetitive tenders totaled $47 million. 

Competitive tenders accepted from private investors 

totaled $37,953 million. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted 

$24,797 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

notes of Series AQ-2022 is $100. 

The 10-year notes of Series E-2029 were dated and 

issued August 15. They are due August 15, 2029, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 1-5/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 7. 

Tenders totaled $59,323 million; Treasury accepted 

$27,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.670 percent with an equivalent price of 

$99.587149. Treasury accepted in full all competitive 

tenders at yields lower than 1.670 percent. Tenders at 

the high yield were allotted 52.07 percent. The median 

yield was 1.595 percent, and the low yield was 1.510 

percent. Noncompetitive tenders totaled $27 million. 

Competitive tenders accepted from private investors 

totaled $26,973 million. 

In addition to the $27,000 million of tenders 

accepted in the auction process, Treasury accepted 

$17,619 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

notes of Series E-2029 is $100. 

The 30-year bonds of August 2049 were dated and 

issued August 15. They are due August 15, 2049, with 

interest payable on February 15 and August 15 until 

maturity. Treasury set an interest rate of 2-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 8. 

Tenders totaled $42,522 million; Treasury accepted 

$19,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.335 percent with an equivalent price of 

$98.173884. Treasury accepted in full all competitive 

tenders at yields lower than 2.335 percent. Tenders at 

the high yield were allotted 46.20 percent. The median 

yield was 2.265 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $9 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

42 

Competitive tenders accepted from private investors 

totaled $18,991 million. 

In addition to the $19,000 million of tenders 

accepted in the auction process, Treasury accepted 

$12,398 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

bonds of August 2049 is $100. 

Auction of 45-Day Cash Management Bills 

On July 31, 2019, Treasury announced it would 

auction $35,000 million of 45-day bills. They were 

issued August 2 and matured September 16. Treasury 

auctioned the bills on August 1. Tenders totaled 

$90,429 million; Treasury accepted $35,000 million, 

including $3 million of noncompetitive tenders from 

the public. The high bank discount rate was 2.110 

percent. 

Auction of 52-Week Bills 

On August 8, 2019, Treasury announced it would 

auction $28,000 million of 364-day Treasury bills. 

They were issued August 15 and will mature August 

13, 2020. The issue was to refund $103,988 million of 

all maturing bills and to raise new cash of 

approximately $8,012 million. Treasury auctioned the 

bills on August 13. Tenders totaled $74,615 million; 

Treasury accepted $28,000 million, including $420 

million of noncompetitive tenders from the public. The 

high bank discount rate was 1.800 percent. 

Auction of 29-Year 6-Month 1 Percent TIPS 

On August 15, 2019, Treasury announced it would 

auction $7,000 million of 29-year 6-month 1 percent 

TIPS. The issue was to raise new cash of 

approximately $25,000 million. 

The 29-year 6-month 1 percent TIPS of February 

2049 were dated August 15 and issued August 30. 

They are due February 15, 2049, with interest payable 

on February 15 and August 15 until maturity. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 22. 

Tenders totaled $18,927 million; Treasury accepted 

$7,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.501 percent with an equivalent adjusted 

price of $115.685230. Treasury accepted in full all 

competitive tenders at yields lower than 0.501 percent. 

Tenders at the high yield were allotted 48.33 percent. 

The median yield was 0.460 percent, and the low yield 

was 0.088 percent. Noncompetitive tenders totaled $11 

million. Competitive tenders accepted from private 

investors totaled $6,989 million. Adjusted accrued 

interest of $0.41491 per $1,000 must be paid for the 

period from August 15 to August 30. Both the 

unadjusted price of $113.650879 and the unadjusted 

accrued interest of $0.40761 were adjusted by an index 

ratio of 1.0179, for the period from August 15 to 

August 30. The minimum par amount required for 

STRIPS of TIPS of February 2049 is $100. 

Auction of 1-Year 11-Month 0.22 Percent 

FRNs 

On August 22, 2019, Treasury announced it would 

auction $18,000 million of 1-year 11-month 0.22 

percent FRNs. The issue was to raise new cash of 

approximately $25,000 million. 

The 1-year 11-month 0.22 percent FRNs of Series 

BE-2021 were dated July 31 and issued August 30. 

They are due July 31, 2021, with interest payable on 

October 31, January 31, April 30, and July 31 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on August 28. 

Tenders totaled $52,570 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.238 percent with an equivalent 

price of $99.965088. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.238 percent. Tenders at the high discount margin 

were allotted 7.21 percent. The median discount 

margin was 0.225 percent, and the low discount 

margin was 0.190 percent. Noncompetitive tenders 

totaled $6 million. Competitive tenders accepted from 

private investors totaled $17,994 million. Accrued 

interest of $0.183575661 per $100 must be paid for the 

period from July 31 to August 30. 

SEPTEMBER 

Auction of 2-Year Notes 

On August 22, 2019, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $76,142 million of securities maturing 

August 31 and to raise new cash of approximately 

$36,858 million. 

The 2-year notes of Series BF-2021 were dated 

August 31 and issued September 3. They are due 

August 31, 2021, with interest payable on February 29 

and August 31 until maturity. Treasury set an interest 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

43 

rate of 1-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 27. 

Tenders totaled $103,932 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.516 percent with an equivalent price of 

$99.968632. Treasury accepted in full all competitive 

tenders at yields lower than 1.516 percent. Tenders at 

the high yield were allotted 9.83 percent. The median 

yield was 1.489 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $155 million. 

Competitive tenders accepted from private investors 

totaled $39,740 million. Accrued interest of $0.12363 

per $1,000 must be paid for the period from August 31 

to September 3. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,194 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BF-2021 is $100. 

Auction of 5-Year Notes 

On August 22, 2019, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $76,142 million of securities maturing 

August 31 and to raise new cash of approximately 

$36,858 million. 

The 5-year notes of Series AC-2024 were dated 

August 31 and issued September 3. They are due 

August 31, 2024, with interest payable on February 29 

and August 31 until maturity. Treasury set an interest 

rate of 1-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 28. 

Tenders totaled $101,599 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.365 percent with an equivalent price of 

$99.446819. Treasury accepted in full all competitive 

tenders at yields lower than 1.365 percent. Tenders at 

the high yield were allotted 56.75 percent. The median 

yield was 1.320 percent, and the low yield was 1.250 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors 

totaled $40,975 million. Accrued interest of $0.10302 

per $1,000 must be paid for the period from August 31 

to September 3. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,324 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AC-2024 is $100. 

Auction of 7-Year Notes 

On August 22, 2019, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $76,142 million of securities maturing 

August 31 and to raise new cash of approximately 

$36,858 million. 

The 7-year notes of Series P-2026 were dated 

August 31 and issued September 3. They are due 

August 31, 2026, with interest payable on February 29 

and August 31 until maturity. Treasury set an interest 

rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on August 29. 

Tenders totaled $69,095 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.489 percent with an equivalent price of 

$99.245602. Treasury accepted in full all competitive 

tenders at yields lower than 1.489 percent. Tenders at 

the high yield were allotted 93.52 percent. The median 

yield was 1.420 percent, and the low yield was 1.350 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors 

totaled $31,989 million. Accrued interest of $0.11332 

per $1,000 must be paid for the period from August 31 

to September 3. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,155 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series P-2026 is $100. 

Auction of 3-Year Notes 

On September 5, 2019, Treasury announced it 

would auction $38,000 million of 3-year notes. The 

issue was to refund $24,000 million of securities 

maturing September 15 and to raise new cash of 

approximately $54,000 million. 

The 3-year notes of Series AR-2022 were dated 

September 15 and issued September 16. They are due 

September 15, 2022, with interest payable on March 

15 and September 15 until maturity. Treasury set an 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

44 

interest rate of 1-1/2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 10. 

Tenders totaled $92,117 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.573 percent with an equivalent price of 

$99.787062. Treasury accepted in full all competitive 

tenders at yields lower than 1.573 percent. Tenders at 

the high yield were allotted 74.98 percent. The median 

yield was 1.540 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $33 million. 

Competitive tenders accepted from private investors 

totaled $37,917 million. Accrued interest of $0.04121 

per $1,000 must be paid for the period from September 

15 to September 16. The minimum par amount 

required for STRIPS of notes of Series AR-2022 is 

$100. 

Auction of 52-Week Bills 

On September 5, 2019, Treasury announced it 

would auction $28,000 million of 364-day Treasury 

bills. They were issued September 12 and will mature 

September 10, 2020. The issue was to refund $101,002 

million of all maturing bills and to raise new cash of 

approximately $13,998 million. Treasury auctioned the 

bills on September 10. Tenders totaled $78,782 

million; Treasury accepted $28,000 million, including 

$375 million of noncompetitive tenders from the 

public. The high bank discount rate was 1.740 percent. 

Auction of 9-Year 11-Month 1-5/8 Percent 

Notes 

On September 5, 2019, Treasury announced it 

would auction $24,000 million of 9-year 11-month 1-

5/8 percent notes. The issue was to refund $24,000 

million of securities maturing September 15 and to 

raise new cash of approximately $54,000 million. 

The 9-year 11-month 1-5/8 percent notes of Series 

E-2029 were dated August 15 and issued September 

16. They are due August 15, 2029, with interest 

payable on February 15 and August 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 11. 

Tenders totaled $59,124 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.739 percent with an equivalent price of 

$98.965031. Treasury accepted in full all competitive 

tenders at yields lower than 1.739 percent. Tenders at 

the high yield were allotted 46.67 percent. The median 

yield was 1.700 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors 

totaled $23,998 million. Accrued interest of $1.41304 

per $1,000 must be paid for the period from August 15 

to September 16. The minimum par amount required 

for STRIPS of notes of Series E-2029 is $100. 

Auction of 29-Year 11-Month 2-1/4 Percent 

Bonds 

On September 5, 2019, Treasury announced it 

would auction $16,000 million of 29-year 11-month 2-

1/4 percent bonds. The issue was to refund $24,000 

million of securities maturing September 15 and to 

raise new cash of approximately $54,000 million. 

The 29-year 11-month 2-1/4 percent bonds of 

August 2049 were dated August 15 and issued 

September 16. They are due August 15, 2049, with 

interest payable on February 15 and August 15 until 

maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 12. 

Tenders totaled $35,542 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.270 percent with an equivalent price of 

$99.565627. Treasury accepted in full all competitive 

tenders at yields lower than 2.270 percent. Tenders at 

the high yield were allotted 43.24 percent. The median 

yield was 2.205 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $18 million. 

Competitive tenders accepted from private investors 

totaled $15,982 million. Accrued interest of $1.95652 

per $1,000 must be paid for the period from August 15 

to September 16. The minimum par amount required 

for STRIPS of bonds of August 2049 is $100. 

Auction of 9-Year 10-Month 0-1/4 Percent TIPS 

On September 12, 2019, Treasury announced it 

would auction $12,000 million of 9-year 10-month 0-

1/4 percent TIPS. The issue was to refund $80,250 

million of securities maturing September 30 and to 

raise new cash of approximately $44,750 million. 

The 9-year 10-month 0-1/4 percent TIPS of Series 

D-2029 were dated July 15 and issued September 30. 

They are due July 15, 2029, with interest payable on 

January 15 and July 15 until maturity. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

45 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 19. 

Tenders totaled $28,971 million; Treasury accepted 

$12,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.174 percent with an equivalent adjusted 

price of $101.037653. Treasury accepted in full all 

competitive tenders at yields lower than 0.174 percent. 

Tenders at the high yield were allotted 52.36 percent. 

The median yield was 0.128 percent, and the low yield 

was 0.075 percent. Noncompetitive tenders totaled $9 

million. Competitive tenders accepted from private 

investors totaled $11,991 million. Adjusted accrued 

interest of $0.52466 per $1,000 must be paid for the 

period from July 15 to September 30. Both the 

unadjusted price of $100.737455 and the unadjusted 

accrued interest of $0.52310 were adjusted by an index 

ratio of 1.00298, for the period from July 15 to 

September 30. 

In addition to the $12,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,247 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series D-2029 is $100. 

Auction of 2-Year Notes 

On September 19, 2019, Treasury announced it 

would auction $40,000 million of 2-year notes. The 

issue was to refund $80,250 million of securities 

maturing September 30 and to raise new cash of 

approximately $44,750 million. 

The 2-year notes of Series BG-2021 were dated 

and issued September 30. They are due September 30, 

2021, with interest payable on March 31 and 

September 30 until maturity. Treasury set an interest 

rate of 1-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 24. 

Tenders totaled $105,455 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.612 percent with an equivalent price of 

$99.780442. Treasury accepted in full all competitive 

tenders at yields lower than 1.612 percent. Tenders at 

the high yield were allotted 20.87 percent. The median 

yield was 1.585 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $147 million. 

Competitive tenders accepted from private investors 

totaled $39,853 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,155 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BG-2021 is $100. 

Auction of 1-Year 10-Month 0.22 Percent 

FRNs 

On September 19, 2019, Treasury announced it 

would auction $18,000 million of 1-year 10-month 

0.22 percent FRNs. The issue was to raise new cash of 

approximately $18,000 million. 

The 1-year 10-month 0.22 percent FRNs of Series 

BE-2021 were dated July 31 and issued September 27. 

They are due July 31, 2021, with interest payable on 

October 31, January 31, April 30, and July 31 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on September 

25. Tenders totaled $47,823 million; Treasury

accepted $18,000 million. All noncompetitive and

successful competitive bidders were allotted securities

at the high discount margin of 0.290 percent with an

equivalent price of $99.871407. Treasury accepted in

full all competitive tenders at discount margins lower

than 0.290 percent. Tenders at the high discount

margin were allotted 75.71 percent. The median

discount margin was 0.255 percent, and the low

discount margin was 0.210 percent. Noncompetitive

tenders totaled $4 million. Competitive tenders

accepted from private investors totaled $17,996

million. Accrued interest of $0.351703636 per $100

must be paid for the period from July 31 to September

27.

Auction of 5-Year Notes 

On September 19, 2019, Treasury announced it 

would auction $41,000 million of 5-year notes. The 

issue was to refund $80,250 million of securities 

maturing September 30 and to raise new cash of 

approximately $44,750 million. 

The 5-year notes of Series AD-2024 were dated 

and issued September 30. They are due September 30, 

2024, with interest payable on March 31 and 

September 30 until maturity. Treasury set an interest 

rate of 1-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 25. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, continued 

December 2019 

46 

Tenders totaled $94,917 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.600 percent with an equivalent price of 

$99.521314. Treasury accepted in full all competitive 

tenders at yields lower than 1.600 percent. Tenders at 

the high yield were allotted 30.48 percent. The median 

yield was 1.540 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors 

totaled $40,983 million. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,259 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AD-2024 is $100. 

Auction of 7-Year Notes 

On September 19, 2019, Treasury announced it 

would auction $32,000 million of 7-year notes. The 

issue was to refund $80,250 million of securities 

maturing September 30 and to raise new cash of 

approximately $44,750 million. 

The 7-year notes of Series Q-2026 were dated and 

issued September 30. They are due September 30, 

2026, with interest payable on March 31 and 

September 30 until maturity. Treasury set an interest 

rate of 1-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on September 26. 

Tenders totaled $79,751 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.633 percent with an equivalent price of 

$99.947285. Treasury accepted in full all competitive 

tenders at yields lower than 1.633 percent. Tenders at 

the high yield were allotted 61.62 percent. The median 

yield was 1.590 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors 

totaled $31,994 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,324 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series Q-2026 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2019 

47 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2019-July 02.......................................... 2019-July 30 28 109,674.5 40,000.0 38,577.1 1,422.9 99.833167 2.145 2.184

Aug. 27 56 110,936.7 35,000.4 34,748.5 251.8 99.670222 2.120 2.162

July 05.................................................. Oct. 03 90 95,765.3 36,000.1 35,000.4 989.6 99.463750 2.145 2.193

2020-Jan. 02 181 104,682.6 36,000.1 35,012.1 759.6 98.974333 2.040 2.095

July 09................................................. 2019-Aug. 06 28 98,633.7 40,000.1 38,551.8 1,448.2 99.828111 2.210 2.251

Sep. 03 56 96,593.2 35,000.1 34,836.5 163.7 99.664778 2.155 2.198

July 11................................................. Oct. 10 91 93,220.6 36,000.2 34,873.3 1,126.9 99.441361 2.210 2.259

2020-Jan. 09 182 106,090.0 36,000.3 35,042.4 757.9 98.950972 2.075 2.132

July 16................................................. 2019-Aug. 13 28 106,270.4 35,000.3 33,310.9 1,589.4 99.833944 2.135 2.174

Sep. 10 56 104,505.1 35,000.1 34,766.1 234.0 99.668667 2.130 2.173

July 18................................................. Oct. 17 91 103,722.2 36,000.1 34,748.6 1,251.5 99.465375 2.115 2.162

2020-Jan. 16 182 115,959.4 36,000.4 34,792.4 1,007.9 98.983833 2.010 2.064

July 23................................................. 2019-Aug. 20 28 102,462.0 35,000.1 33,456.7 1,443.4 99.837444 2.090 2.128

Sep. 17 56 85,626.1 35,000.1 34,621.1 279.0 99.670222 2.120 2.162

July 25................................................. Oct. 24 91 106,711.8 36,000.2 34,746.0 1,154.1 99.484333 2.040 2.085

2020-Jan. 23 182 96,781.5 36,000.5 34,947.8 952.7 98.983833 2.010 2.064

July 30................................................. 2019-Aug. 27 28 101,801.4 35,000.3 33,437.8 1,462.5 99.835889 2.110 2.149

Sep. 24 56 97,008.0 35,000.2 34,631.2 269.0 99.667111 2.140 2.183

Aug. 01................................................. Oct. 31 91 108,876.9 36,000.3 34,729.8 1,070.6 99.476750 2.070 2.116

2020-Jan. 30 182 109,526.0 36,000.0 34,949.1 850.9 98.971194 2.035 2.090

Aug. 06................................................. 2019-Sep. 03 28 111,377.3 35,000.1 33,528.5 1,471.5 99.838222 2.080 2.118

Oct. 01 56 93,320.9 35,000.2 34,628.7 271.5 99.673333 2.100 2.142

Aug. 08................................................. Nov. 07 91 112,324.4 39,000.4 37,802.5 997.9 99.496972 1.990 2.033

2020-Feb. 06 182 90,095.7 39,000.4 37,893.9 906.5 99.014167 1.950 2.002

Aug. 13................................................. 2019-Sep. 10 28 131,949.9 50,000.2 48,251.3 1,548.9 99.839389 2.065 2.103

Oct. 08 56 129,588.2 40,001.1 39,575.6 275.5 99.681111 2.050 2.091

Aug. 15................................................ Nov. 14 91 125,633.3 42,000.5 40,794.0 1,106.5 99.504556 1.960 2.003

2020-Feb. 13 182 128,689.2 42,000.4 40,810.5 1,009.9 99.044500 1.890 1.940

Aug. 20................................................ 2019-Sep. 17 28 135,749.3 55,000.2 53,563.0 1,437.3 99.841333 2.040 2.077

Oct. 15 56 121,819.7 40,000.2 39,637.5 262.7 99.696667 1.950 1.989

Aug. 22................................................ Nov. 21 91 112,770.6 45,000.3 44,018.1 882.2 99.519722 1.900 1.941

2020-Feb. 20 182 119,994.4 42,000.0 40,929.6 870.4 99.069778 1.840 1.888

Aug. 27................................................ 2019-Sep. 24 28 142,702.0 55,000.5 53,462.7 1,537.8 99.839778 2.060 2.098

Oct. 22 56 114,300.0 40,000.0 39,770.1 230.0 99.691222 1.985 2.024

Aug. 29................................................ Nov. 29 92 123,078.6 45,000.0 43,780.8 994.2 99.501667 1.950 1.992

2020-Feb. 27 182 128,308.5 42,000.6 41,049.5 751.1 99.069778 1.840 1.888

Sep. 03................................................ 2019-Oct. 01 28 139,257.2 55,000.1 53,302.6 1,527.4 99.839778 2.060 2.098

Oct. 29 56 127,329.0 40,000.2 39,658.2 242.0 99.690444 1.990 2.029

Sep. 05................................................ Dec. 05 91 132,840.0 45,000.1 43,828.1 1,071.9 99.512139 1.930 1.972

2020-Mar. 05 182 130,059.8 42,000.2 41,070.5 729.7 99.077361 1.825 1.873

Sep. 10................................................ 2019-Oct. 08 28 147,865.5 55,000.2 53,326.2 1,674.0 99.842500 2.025 2.062

Nov. 05 56 127,270.9 40,000.7 39,779.8 220.9 99.695111 1.960 1.999

Sep. 12................................................ Dec. 12 91 137,370.4 45,000.7 43,806.4 1,094.3 99.514667 1.920 1.962

 2020-Mar. 12 182 125,266.0 42,000.3 41,155.9 744.4 99.077361 1.825 1.873
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2019 

48 

Table PDO – 1 - continued 

Sep. 17................................................ 2019-Oct. 15 28 140,736.7 50,028.3 48,400.0 1,600.5 99.849111 1.940 1.975

 Nov. 12 56 114,635.8 40,022.3 39,740.3 259.8 99.701333 1.920 1.958

Sep. 19................................................ Dec. 19 91 120,503.3 45,000.1 43,807.4 1,092.7 99.508347 1.945 1.987

 2020-Mar. 19 182 115,189.5 42,000.0 41,025.8 770.9 99.054611 1.870 1.919

Sep. 24................................................ 2019-Oct. 22 28 119,715.4 45,000.3 43,333.4 1,567.0 99.848333 1.950 1.986

 Nov. 19 56 103,793.6 40,000.3 39,739.7 260.6 99.696667 1.950 1.989

Sep. 26................................................ Dec. 26 91 136,586.6 45,000.0 43,744.7 1,105.3 99.518458 1.905 1.946

 2020-Mar. 26 182 116,227.2 42,000.2 40,971.9 828.3 99.059667 1.860 1.909

 

1 All 4-week bills represent additional issues of bills with an original maturity of 8 weeks. All 

13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 

weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 52 

weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

06/25/19 07/01/19 1.625% note—06/30/21-BC 2y 105,308 42,288 1.695 - 99.863062 

06/26/19 07/01/19 1.750% note—06/30/24-AA 5y 98,517 43,345 1.791 - 99.804805 

06/27/19 07/01/19 1.875% note—06/30/26-M 7y 79,924 33,830 1.889 - 99.908592 

07/09/19 07/15/19 1.750% note—07/15/22-AP 3y 91,229 38,324 1.857 - 99.689179 

07/10/19 07/15/19 2.375% note—05/15/29-C 9y 10m 57,990 24,204 2.064 - 102.752671 

07/11/19 07/15/19 2.875% bond—05/15/49 29y 10m 34,203 16,136 2.644 - 104.742265 

07/16/19 07/18/19 1.915% bill—07/16/20 364d 74,507 26,000 

07/18/19 07/31/19 0.250% TIPS—07/15/29-D 10y 32,457 14,556 0.282 - 99.795681 

07/23/19 07/31/19 1.750% note—07/31/21-BD 2y 101,577 41,589 1.825 - 99.853360 

07/24/19 07/31/19 0.220% FRN—07/31/21-BE 2y 55,305 20,795 0.220 - 100.000000 

07/24/19 07/31/19 1.750% note—07/31/24-AB 5y 94,308 42,629 1.824 - 99.647902 

07/25/19 07/31/19 1.875% note—07/31/26-N 7y 74,054 33,271 1.967 - 99.401112 

08/01/19 08/02/19 2.110% CMB—09/16/19 45d 90,429 35,000 

08/06/19 08/15/19 1.500% note—08/15/22-AQ 3y 116,387 62,797 1.562 - 99.818980 

08/07/19 08/15/19 1.625% note—08/15/29-E 10y 76,942 44,619 1.670 - 99.587149 

08/08/19 08/15/19 2.250% bond—08/15/49 30y 54,920 31,399 2.335 - 98.173884 

08/13/19 08/15/19 1.800% bill—08/13/20 364d 74,615 28,000 

08/22/19 08/30/19 1.000% TIPS—02/15/49 29y 6m 18,927 7,000 0.501 - 115.685230 

08/27/19 09/03/19 1.500% note—08/31/21-BF 2y 109,126 45,194 1.516 - 99.968632 

08/28/19 08/30/19 0.220% FRN—07/31/21-BE 1y 11m 52,570 18,000 0.238 - 99.965088 

08/28/19 09/03/19 1.250% note—08/31/24-AC 5y 106,923 46,324 1.365 - 99.446819 

08/29/19 09/03/19 1.375% note—08/31/26-P 7y 73,251 36,155 1.489 - 99.245602 

09/10/19 09/12/19 1.740% bill—09/10/20 364d 78,782 28,000 

09/10/19 09/16/19 1.500% note—09/15/22-AR 3y 92,117 38,000 1.573 - 99.787062 

 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

December 2019 

49 

Table PDO-2 - continued 

09/12/19 09/16/19 2.250% bond—08/15/49 29y 11m 35,542 16,000 2.270 - 99.565627 

09/19/19 09/30/19 0.250% TIPS—07/15/29-D 9y 10m 30,218 13,247 0.174 - 101.037653 

09/24/19 09/30/19 1.500% note—09/30/21-BG 2y 109,611 44,155 1.612 - 99.780442 

09/25/19 09/27/19 0.220% FRN—07/31/21-BE 1y 10m 47,823 18,000 0.290 - 99.871407 

09/25/19 09/30/19 1.500% note—09/30/24-AD 5y 99,176 45,259 1.600 - 99.521314 

09/26/19 09/30/19 1.625% note—09/30/26-Q 7y 83,075 35,324 1.633 - 99.947285 

1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2 From date of additional issue in case of a reopening. 

3 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
50

December 2019 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
51 

December 2019 

TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

End of

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101 

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

2019 ................................................

2018 - Sept...................................... 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

Oct....................................... 21,725,216 21,702,370 5,840,466 - 5,840,466 2,651,466 

Nov ...................................... 21,873,089 21,850,094 5,786,563 - 5,786,563 2,617,246 

Dec ...................................... 21,997,036 21,974,096 5,853,354 - 5,853,354 2,594,652 

2019 - Jan ....................................... 22,005,220 21,982,423 5,862,428 - 5,862,428 2,574,546 

Feb ...................................... 22,138,026 22,115,526 5,845,051 - 5,845,051 2,540,780 

Mar ...................................... 22,050,081 22,027,880 5,804,029 - 5,804,029 2,536,673 

 Apr....................................... 22,049,873 22,027,668 5,816,978 - 5,816,978 2,479,643 

May...................................... 22,048,574 22,026,424 5,806,506 - 5,806,506 2,459,105 

June..................................... 22,045,280 22,023,283 5,818,564 - 5,818,564 2,452,784 

 July ......................................

22,044,255 22,022,369 5,795,177 - 5,795,177 2,416,844 

Aug ......................................

22,482,155 22,460,467 5,847,510 - 5,847,510 2,424,708 

Sept .....................................

22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 -

2019 ................................................

2018 - Sept...................................... 13,080,946 12,580,185 500,761 22,822 22,822 -

Oct....................................... 13,210,438 12,706,430 504,008 22,846 22,846 -

Nov ...................................... 13,446,285 12,942,863 503,422 22,995 22,995 -

Dec ...................................... 13,526,090 13,023,655 502,435 22,940 22,940 -

2019 - Jan ....................................... 13,545,449 13,045,301 500,148 22,797 22,797 -

Feb ...................................... 13,729,695 13,228,897 500,799 22,500 22,500 -

Mar ...................................... 13,687,178 13,402,225 284,953 22,201 22,201 -

 Apr....................................... 13,731,047 13,401,269 329,779 22,205 22,205 -

May...................................... 13,760,813 13,482,146 278,667 22,150 22,150 -

June..................................... 13,751,935 13,478,115 273,819 21,997 21,997 -

 July...................................... 13,810,348 13,551,296 259,051 21,886 21,886 -

Aug ...................................... 14,188,249 13,721,599 466,650 21,688 21,688 -

Sept..................................... 14,389,540 13,910,902 478,637 21,455 21,455 -

Note—Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System. 
52

December 2019 

TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Federal 

Reserve and 

Government

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

2019 - Sept........ 22,719.4 8,023.6 14,695.8 n.a. 152.3 n.a. n.a. n.a. n.a. n.a. n.a.

 June ....... 22,023.5 7,945.2 14,078.4 810.5 153.4 508.1 439.6 202.1 1,892.2 621.1 6,638.1 2,813.4 

 Mar......... 22,028.0 7,999.1 14,028.9 771.3 154.5 478.2 405.1 201.1 2,001.6 641.1 6,474.9 2,901.1 

2018 - Dec......... 21,974.1 8,095.0 13,879.1 771.5 155.7 670.9 372.8 203.7 1,973.8 642.3 6,269.8 2,818.6 

 Sept........ 21,516.1 8,068.1 13,447.9 683.9 156.8 644.0 304.7 226.1 1,889.4 671.3 6,225.9 2,645.9 

 June ....... 21,195.3 8,106.9 13,088.5 665.3 157.8 622.5 307.3 225.9 1,842.5 676.5 6,225.0 2,365.5 

 Mar......... 21,089.9 8,086.6 13,003.3 639.7 159.0 597.7 300.1 361.8 1,975.2 662.2 6,223.4 2,084.3 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 638.3 160.4 432.0 289.4 372.6 1,804.9 681.6 6,211.3 1,770.1 

 Sept........ 20,244.9 8,036.9 12,208.0 611.8 161.7 570.8 266.5 359.7 1,697.0 665.3 6,301.9 1,573.4 

 June ....... 19,844.6 7,943.4 11,901.1 621.9 162.8 425.9 262.8 348.4 1,607.6 685.7 6,151.9 1,634.1 

 Mar......... 19,846.4 7,941.1 11,905.3 658.6 164.2 444.2 239.5 338.4 1,667.8 713.1 6,075.3 1,604.2 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 663.9 165.8 538.0 218.8 330.2 1,702.9 718.9 6,006.3 1,626.6 

 Sept........ 19,573.4 7,863.5 11,709.9 627.6 167.5 545.6 203.8 341.2 1,597.7 721.4 6,155.9 1,349.3 

 June ....... 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 329.8 1,428.4 710.0 6,279.1 1,250.5 

 Mar......... 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 315.5 1,398.9 693.5 6,284.4 1,343.3 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 306.7 1,318.3 682.0 6,146.2 1,359.5 

 Sept........ 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 306.6 1,195.1 648.9 6,105.9 1,237.3 

 June ....... 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 304.3 1,139.8 658.2 6,163.1 1,098.1 

 Mar......... 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 305.1 1,170.4 677.5 6,172.6 987.7 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 307.0 1,121.8 657.8 6,157.7 919.1 

 Sept........ 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 298.1 1,075.8 628.7 6,069.2 924.1 

 June ....... 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 287.7 986.2 638.8 6,018.7 972.1 

 Mar......... 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 276.8 1,060.4 632.0 5,948.3 1,177.0 

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 271.2 983.3 633.6 5,792.6 1,319.5 

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 273.2 986.1 624.3 5,652.8 1,359.1 

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8 

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9 

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4 

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1 

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1 

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1 

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3 

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2 

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7 1 Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value. 

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States (MSPD)” from 

January 1996. From December 2014 to September 2018, includes savings bonds issued 

to myRA accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund".

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

n.a.
December 2019 

53 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2019 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $1,980,490,505,418 $1,930,971,839,850 $1,930,496,229,782 $239,096,266 $236,513,802

Less amounts held by: 

The Treasury....................................... 263,318,696 53,096,696 52,820,369 7,505 268,822

FRBs ................................................... 217,887,973,373 216,180,513,751 216,180,510,491 10 3,250

Amounts in circulation............................. $1,762,339,213,349 $1,714,738,229,403 $1,714,262,898,922 $239,088,751 $236,241,730

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $49,518,665,568 6,547,064,108 42,971,601,460 

Less amounts held by: 

The Treasury....................................... 210,222,000 48,770,000 161,452,000 

FRBs ................................................... 1,707,459,622 1,098,758,231 608,701,391 

Amounts in circulation .............................

$47,600,983,946 $5,399,535,877 $ 42,201,448,069 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2019

54

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2019 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $12,446,140,095 $143,503 $139,710,136 

$2 ................................................................................ 2,586,417,628 131,459,718 12,494 

$5 ................................................................................ 15,154,938,030 107,464,310 22,658,000 

$10 .............................................................................. 19,965,781,100 6,290 19,802,770 

$20 .............................................................................. 183,078,152,300 3,840 20,095,220

$50 .............................................................................. 87,982,813,950 500 11,485,300 

$100 ............................................................................ 1,393,211,833,700 - 21,943,800 

$500 ............................................................................ 141,770,000 5,500 183,500 

$1,000 ......................................................................... 165,167,000 5,000 195,000 

$5,000 ......................................................................... 1,765,000 - 55,000 

$10,000 ....................................................................... 3,450,000 - 100,000 

Fractional notes 5 ........................................................ 600 90 510 

Total currency ......................................................... $ 1,714,738,229,403

$12,306,286,456

2,454,945,416

15,024,815,720

19,945,972,040

183,058,053,240

87,971,328,150

1,393,189,889,900

141,581,000

164,967,000

1,710,000

3,350,000

-

$ 1,714,262,898,922 $ 239,088,751 $ 236,241,730 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Sept. 30, 2019...................................................................................... 1,762,339 5,344

Aug. 31, 2019....................................................................................... 1,759,799 5,339

July 31, 2019........................................................................................ 1,747,639 5,306

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
Foreign Currency Positions

Exchange Stabilization Fund
57 

December 2019 

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2019 

58 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

04/03/19 ................................................................. 1,878,210 1,990,144 -131 1.3315 

04/10/19 ................................................................. 1,921,829 2,035,464 -71 1.3322 

04/17/19 ................................................................. 1,934,881 2,052,942 -49 1.3345 

04/24/19 ................................................................. 1,936,385 2,050,560 -4 1.3465 

 

05/01/19 ................................................................. 2,021,147 2,137,589 -15 1.3417 

05/08/19 ................................................................. 1,977,007 2,095,853 6 1.3458 

05/15/19 ................................................................. 1,993,609 2,111,802 2 1.3432 

05/22/19 ................................................................. 2,036,781 2,159,983 4 1.3417 

05/29/19 ................................................................. 2,085,536 2,212,497 -6 1.3533 

 

06/05/19 ................................................................. 2,160,780 2,283,173 25 1.3409 

06/12/19 ................................................................. 2,236,980 2,366,617 5 1.3298 

06/19/19 ................................................................. 1,926,183 2,050,658 -75 1.3362 

06/26/19 ................................................................. 2,024,538 2,151,849 -114 1.3109 

 

07/03/19 ................................................................. 1,974,322 2,093,885 -102 1.3070 

07/10/19 ................................................................. 2,066,456 2,182,576 -102 1.3099 

07/17/19 ................................................................. 1,984,337 2,096,849 -74 1.3041 

07/24/19 ................................................................. 2,004,821 2,115,417 n.a. 1.3134 

07/31/19 ................................................................. 2,091,749 2,197,628 -94 1.3143 

 

08/07/19 ................................................................. 2,063,320 2,168,726 -136 1.3330 

08/14/19 ................................................................. 2,058,467 2,151,315 -167 1.3320 

08/21/19 ................................................................. 2,088,262 2,189,435 -109 1.3275 

08/28/19 ................................................................. 2,200,298 2,289,870 -94 1.3299 

 

09/04/19 ................................................................. 2,245,328 2,425,336 -94 1.3248 

09/11/19 ................................................................. 2,297,242 2,508,967 -74 1.3199 

09/18/19 ................................................................. 1,959,927 2,148,529 -194 1.3283 

09/25/19 ................................................................. 1,984,776 2,128,300 -163 1.3279 

 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

59 

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

2017 - Dec................... 1,486,798 1,561,949 288,642 241,105 46,583 40,354 70,598 67,895 -29 1.2517 

2018 - Oct. .................. 1,972,301 2,072,212 285,055 264,304 56,299 56,691 87,297 82,433 -128 1.3129 

Nov .................. 2,103,350 2,193,152 303,939 289,533 49,370 46,490 85,672 80,753 -90 1.3282 

Dec .................. 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 

2019 – Jan. ................. 2,008,147 2,191,117 344,037 268,174 50,531 44,893 87,861 83,410 -112 1.3140 

Feb .................. 2,136,468 2,232,228 349,319 274,883 52,447 42,902 84,833 80,561 -134 1.3166 

Mar .................. 1,932,204 2,026,074 485,689 473,294 49,833 41,370 85,649 79,112 -103 1.3360 

 Apr................... 2,021,461 2,136,768 319,065 296,271 60,011 42,893 91,248 83,485 -21 1.3427 

May.................. 2,182,404 2,299,272 344,574 324,548 65,434 47,715 96,213 89,375 -37 1.3523 

June................. 2,022,692 2,135,708 373,241 290,861 67,300 49,043 90,126 83,223 -84 1.3091 

 July.................. 2,101,493 2,197,443 367,436 281,004 58,534 50,862 87,426 79,284 -78 1.3143 

Aug .................. 2,225,830 2,308,280 331,241 287,894 53,891 47,801 88,109 81,851 -30 1.3290 

Sept................. 1,923,578 1,994,423 332,378 281,130 51,543 46,348 75,631 67,715 -95 1.3243 

 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2016 - Dec................... 38,266 68,203 154,935 124,039 401 397 2,393 n.a. n.a. 1.3426 

2017 - Mar................... 38,456 72,918 163,394 117,313 482 393 946 563 n.a. 1.3321 

June ................. 36,779 75,076 146,175 112,640 1,726 827 790 823 n.a. 1.2982 

Sept.................. 35,092 64,307 145,296 93,483 1,179 785 587 345 12 1.2509 

Dec................... 33,411 65,839 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517 

2018 - Mar................... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891 

June ................. 35,482 69,299 150,243 n.a. 920 1,052 3,455 2,751 n.a. 1.3140 

Sept.................. 36,139 66,217 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922 

Dec................... 30,046 61,338 139,329 98,110 696 346 3,017 1,941 18 1.3644 

2019 - Mar................... 28,766 61,640 135,230 n.a. 326 276 2,650 471 2 1.3360 

June ................. 40,921 72,421 140,006 n.a. 1,254 661 n.a. 427 n.a. 1.3091 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

60 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

04/03/19 .................................................................. 562,483 574,739 31 111.48 

04/10/19 .................................................................. 556,747 567,640 39 110.92 

04/17/19 .................................................................. 550,783 562,000 29 112.00 

04/24/19 .................................................................. 578,625 587,614 24 111.81 

 

05/01/19 .................................................................. 589,057 600,467 31 111.18 

05/08/19 .................................................................. 573,203 584,018 51 110.12 

05/15/19 .................................................................. 549,702 561,592 50 109.58 

05/22/19 .................................................................. 555,978 566,825 40 110.28 

05/29/19 .................................................................. 571,068 580,701 39 109.24 

 

06/05/19 .................................................................. 587,974 599,033 40 108.20 

06/12/19 .................................................................. 578,271 588,891 22 108.42 

06/19/19 .................................................................. 541,710 554,270 26 108.36 

06/26/19 .................................................................. 576,989 588,788 15 107.64 

 

07/03/19 .................................................................. 545,936 556,951 7 107.84 

07/10/19 .................................................................. 569,502 575,748 9 108.44 

07/17/19 .................................................................. 558,151 565,590 7 108.10 

07/24/19 .................................................................. 568,683 573,714 - 108.08 

07/31/19 .................................................................. 598,459 606,462 -8 108.58 

 

08/07/19 .................................................................. 612,844 622,783 - 105.62 

08/14/19 .................................................................. 612,877 620,193 16 105.79 

08/21/19 .................................................................. 604,818 612,851 13 106.52 

08/28/19 .................................................................. 629,076 637,962 15 105.86 

 

09/04/19 .................................................................. 647,373 656,314 23 106.28 

09/11/19 .................................................................. 642,859 650,106 -5 107.73 

09/18/19 .................................................................. 607,542 613,624 -1 108.17 

09/25/19 .................................................................. 634,086 640,417 -3 107.78 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

61 

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2016 - Dec.................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

2017 - Dec.................. 504,078 520,500 122,567 108,990 24,449 23,590 46,603 47,891 -88 112.69 

2018 - Oct. ................. 608,157 616,642 120,163 97,247 37,029 37,669 61,992 63,642 139 112.86 

Nov ................. 654,425 667,269 120,171 97,991 34,359 34,711 57,627 58,544 76 113.54 

Dec ................. 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 

2019 – Jan. ................ 605,134 611,246 143,459 112,211 33,906 34,999 57,953 57,340 123 108.84 

Feb ................. 614,469 624,963 154,848 115,624 34,037 34,501 55,716 55,745 107 111.38 

Mar ................. 576,499 588,375 138,745 119,149 34,184 33,947 57,532 59,442 81 110.68 

 Apr.................. 582,292 593,294 148,804 118,428 31,483 31,046 55,195 57,116 80 111.40 

May................. 594,183 605,407 147,694 123,962 35,930 35,432 59,775 61,455 106 108.66 

June................ 571,660 584,948 145,197 126,866 35,444 34,475 56,015 58,105 76 107.84 

 July................. 605,719 615,544 141,232 117,120 35,056 35,194 54,776 55,999 48 108.58 

Aug ................. 628,311 637,786 148,876 126,595 38,487 40,331 59,132 59,722 61 106.30 

Sept................ 625,867 633,319 164,472 128,867 34,556 36,283 56,576 57,269 25 108.11 

 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2016 - Dec................... 7,108 5,182 7,472 6,167 352 303 1,006 912 n.a. 116.78 

2017 - Mar................... 9,579 6,990 8,034 6,134 420 486 841 554 -1 111.41 

June ................. 8,848 7,755 6,915 6,245 n.a. 438 539 386 -1 112.40 

Sept.................. 6,536 6,008 7,693 6,769 800 670 609 n.a. 46 112.64 

Dec................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69 

2018 - Mar................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.20 

June ................. 8,528 6,807 8,813 6,062 371 432 446 259 -4 110.71 

Sept.................. 8,632 8,294 9,056 6,455 432 518 387 145 -9 113.48 

Dec................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 

2019 - Mar................... 7,770 7,173 9,217 6,776 276 500 423 120 3 110.68 

 June ................. 7,926 6,568 9,292 6,476 480 495 618 179 -38 107.84 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

62 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

04/03/19 .................................................................. 907,760 944,329 175 0.9970 

04/10/19 .................................................................. 873,258 917,455 208 1.0019 

04/17/19 .................................................................. 868,634 910,216 296 1.0099 

04/24/19 .................................................................. 861,957 903,056 290 1.0184 

 

05/01/19 .................................................................. 924,618 967,241 313 1.0137 

05/08/19 .................................................................. 884,603 920,804 303 1.0181 

05/15/19 .................................................................. 890,404 938,100 299 1.0090 

05/22/19 .................................................................. 903,847 946,669 306 1.0090 

05/29/19 .................................................................. 912,860 961,425 296 1.0066 

 

06/05/19 .................................................................. 1,004,106 1,049,197 260 0.9919 

06/12/19 .................................................................. 1,035,731 1,080,540 272 0.9944 

06/19/19 .................................................................. 896,539 943,293 234 0.9960 

06/26/19 .................................................................. 981,208 1,041,842 210 0.9760 

 

07/03/19 .................................................................. 940,941 1,005,122 219 0.9864 

07/10/19 .................................................................. 973,751 1,041,787 256 0.9892 

07/17/19 .................................................................. 941,110 999,049 272 0.9870 

07/24/19 .................................................................. 985,319 1,038,109 294 0.9854 

07/31/19 .................................................................. 1,001,043 1,057,742 293 0.9902 

 

08/07/19 .................................................................. 1,019,811 1,081,320 354 0.9708 

08/14/19 .................................................................. 1,046,516 1,112,291 322 0.9736 

08/21/19 .................................................................. 1,086,333 1,140,166 322 0.9816 

08/28/19 .................................................................. 1,118,837 1,178,469 316 0.9807 

 

09/04/19 .................................................................. 1,176,143 1,232,435 n.a. 0.9817 

09/11/19 .................................................................. 1,219,615 1,272,201 n.a. 0.9933 

09/18/19 .................................................................. 1,051,577 1,108,981 n.a. 0.9950 

09/25/19 .................................................................. 1,087,234 1,142,869 n.a. 0.9909 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

63 

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.0160 

2017 - Dec................... 802,799 840,898 108,582 88,094 46,025 44,500 79,500 79,164 139 0.9738 

2018 - Oct. .................. 1,005,618 1,041,500 99,519 71,698 52,501 49,847 91,974 88,355 n.a. 1.0057 

Nov .................. 1,117,061 1,162,679 93,743 68,314 47,514 47,221 82,957 77,005 n.a. 0.9987 

Dec .................. 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a. 0.9832 

2019 – Jan. ................. 952,015 1,036,320 110,522 74,672 41,418 38,629 76,378 73,015 n.a. 0.9938 

Feb .................. 1,018,227 1,069,995 123,326 86,978 40,250 37,296 76,260 73,824 n.a. 0.9974 

Mar .................. 975,496 1,023,289 115,202 89,181 43,406 40,066 77,792 74,693 n.a. 0.9962 

 Apr................... 934,384 991,240 118,813 83,548 44,305 41,186 78,202 75,617 198 1.0200 

May.................. 1,028,678 1,085,179 110,214 80,443 45,064 42,094 78,182 74,937 211 1.0034 

June................. 1,034,100 1,092,763 121,387 84,378 46,932 44,671 78,949 76,146 196 0.9758 

 July.................. 1,044,955 1,110,099 108,481 80,955 45,803 43,353 81,783 78,713 n.a. 0.9902 

Aug .................. 1,176,726 1,236,996 117,737 86,107 47,361 45,022 85,064 81,028 n.a. 0.9899 

Sept................. 1,103,273 1,162,940 127,727 99,564 45,236 41,885 78,832 75,036 n.a. 0.9978 

 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 14,939 14,888 98,271 16,029 - n.a. n.a. n.a. n.a. 1.0160 

2017 - Mar................... 16,299 18,151 73,924 16,435 n.a. n.a. n.a. n.a. n.a. 0.9998 

June ................. 14,015 16,797 n.a. 15,161 - n.a. n.a. n.a. - 0.9586 

Sept.................. 16,715 14,386 n.a. 18,437 47 25 n.a. n.a. n.a. 0.9688 

Dec................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738 

2018 - Mar................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532 

June ................. 16,890 20,470 142,369 20,256 447 n.a. n.a. 18 8 0.9922 

Sept.................. 19,130 19,387 123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758 

Dec................... 15,097 18,571 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832 

2019 - Mar................... 22,347 25,493 116,641 17,824 n.a. n.a. 1,002 n.a. n.a. 0.9962 

 June ................. 16,719 25,523 111,497 16,828 n.a. n.a. n.a. n.a. n.a. 0.9758 

 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

64 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

04/03/19 .................................................................. 2,977,041 3,140,080 -118 1.3181 

04/10/19 .................................................................. 2,989,616 3,144,862 -194 1.3100 

04/17/19 .................................................................. 2,896,526 3,053,362 -249 1.3036 

04/24/19 .................................................................. 2,914,780 3,063,655 -124 1.2947 

 

05/01/19 .................................................................. 3,126,335 3,275,274 -99 1.3091 

05/08/19 .................................................................. 2,968,793 3,111,362 -134 1.3014 

05/15/19 .................................................................. 2,918,933 3,065,344 -176 1.2878 

05/22/19 .................................................................. 3,073,930 3,204,071 -193 1.2674 

05/29/19 .................................................................. 3,093,536 3,233,150 -203 1.2631 

 

06/05/19 .................................................................. 3,060,936 3,205,210 -158 1.2706 

06/12/19 .................................................................. 3,214,096 3,359,608 -187 1.2693 

06/19/19 .................................................................. 2,934,397 3,078,121 -127 1.2625 

06/26/19 .................................................................. 3,110,831 3,254,398 -136 1.2697 

 

07/03/19 .................................................................. 2,947,977 3,112,877 -125 1.2568 

07/10/19 .................................................................. 3,030,488 3,204,374 -132 1.2507 

07/17/19 .................................................................. 2,963,782 3,129,409 -112 1.2438 

07/24/19 .................................................................. 3,071,831 3,231,558 -153 1.2498 

07/31/19 .................................................................. 3,300,706 3,465,120 -226 1.2220 

 

08/07/19 .................................................................. 3,110,674 3,247,678 -228 1.2158 

08/14/19 .................................................................. 3,206,810 3,347,768 -251 1.2068 

08/21/19 .................................................................. 3,169,692 3,323,138 -185 1.2142 

08/28/19 .................................................................. 3,387,442 3,547,104 -177 1.2248 

 

09/04/19 .................................................................. 3,396,040 3,566,566 -152 1.2190 

09/11/19 .................................................................. 3,494,735 3,657,458 -143 1.2329 

09/18/19 .................................................................. 3,257,520 3,443,761 -184 1.2478 

09/25/19 .................................................................. 3,374,786 3,546,099 -177 1.2363 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

65 

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

2017 - Dec................... 2,423,244 2,623,676 926,696 893,568 117,539 122,752 76,952 84,254 n.a. 1.3529 

2018 - Oct. .................. 3,049,957 3,242,052 867,443 801,628 159,596 154,111 107,455 100,852 -25 1.2779 

Nov .................. 3,194,276 3,390,525 869,880 836,790 193,216 192,777 120,934 114,656 -42 1.2772 

Dec .................. 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 

2019 – Jan. ................. 3,045,921 3,254,190 997,584 955,082 n.a. n.a. 137,273 131,860 -50 1.3135 

Feb .................. 3,275,482 3,442,418 970,893 965,259 199,014 199,124 139,245 135,702 -137 1.3274 

Mar .................. 3,227,245 3,419,644 1,000,478 996,831 198,387 199,967 141,230 140,648 -133 1.3032 

 Apr................... 3,169,915 3,315,090 1,002,569 993,808 140,329 142,290 93,057 91,047 -171 1.3030 

May.................. 3,315,203 3,454,978 1,042,948 1,003,506 116,239 116,843 96,352 85,658 -226 1.2620 

June................. 3,105,878 3,303,765 991,342 967,864 105,432 105,933 95,688 84,616 -158 1.2704 

 July.................. 3,370,422 3,555,791 1,072,131 1,098,415 123,623 120,031 104,045 108,105 -247 1.2220 

Aug .................. 3,427,619 3,610,873 1,098,181 1,092,586 133,180 131,394 103,300 108,108 -160 1.2166 

Sept................. 3,334,161 3,542,552 1,119,621 1,069,620 158,814 159,851 105,636 103,805 -194 1.2305 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 28,041 50,392 166,414 66,551 n.a. 428 2,686 1,577 4 1.2337 

2017 - Mar................... 32,627 57,900 173,010 73,491 1,446 n.a. 2,643 1,825 -20 1.2537 

June ................. 31,555 58,169 200,516 65,150 1,498 1,355 2,837 1,910 50 1.2995 

Sept.................. 34,429 63,757 199,533 58,382 1,369 1,380 2,032 1,755 81 1.3402 

Dec................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529 

2018 - Mar................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027 

June ................. 29,048 52,235 194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197 

Sept.................. 41,040 58,126 201,492 60,050 1,700 1,559 2,739 2,481 33 1.3053 

Dec................... 35,192 56,491 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 

2019 - Mar................... 34,141 55,988 212,271 66,402 5,781 4,704 1,953 1,594 39 1.3032 

 June ................. 32,571 58,991 204,636 61,026 1,313 1,600 1,822 1,184 -35 1.2704 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

66 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

04/03/19 ................................................................ 27,343,001 26,606,566 206 n.a. 

04/10/19 ................................................................ 27,609,878 26,835,335 152 n.a. 

04/17/19 ................................................................ 27,169,574 26,455,675 379 n.a. 

04/24/19 ................................................................ 27,420,449 26,696,183 231 n.a. 

 

05/01/19 ................................................................ 28,321,071 27,635,420 619 n.a. 

05/08/19 ................................................................ 27,394,490 26,757,696 64 n.a. 

05/15/19 ................................................................ 27,229,242 26,598,312 7 n.a. 

05/22/19 ................................................................ 27,947,769 27,234,512 127 n.a. 

05/29/19 ................................................................ 28,622,824 27,902,713 -100 n.a. 

 

06/05/19 ................................................................ 29,465,422 28,722,062 -563 n.a. 

06/12/19 ................................................................ 30,418,785 29,624,115 -356 n.a. 

06/19/19 ................................................................ 27,329,070 26,559,040 -1,125 n.a. 

06/26/19 ................................................................ 28,706,737 27,880,463 -1,263 n.a. 

 

07/03/19 ................................................................ 27,490,156 26,661,818 -3,042 n.a. 

07/10/19 ................................................................ 28,630,121 27,835,927 -3,427 n.a. 

07/17/19 ................................................................ 27,889,504 27,124,715 -7,143 n.a. 

07/24/19 ................................................................ 28,237,712 27,529,760 n.a. n.a. 

07/31/19 ................................................................ 29,190,026 28,431,513 n.a. n.a. 

 

08/07/19 ................................................................ 29,130,358 28,422,037 n.a. n.a. 

08/14/19 ................................................................ 29,341,011 28,666,998 n.a. n.a. 

08/21/19 ................................................................ 29,255,754 28,511,962 n.a. n.a. 

08/28/19 ................................................................ 30,439,649 29,684,422 n.a. n.a. 

 

09/04/19 ................................................................ 31,270,866 30,406,838 n.a. n.a. 

09/11/19 ................................................................ 31,768,527 30,906,311 n.a. n.a. 

09/18/19 ................................................................ 28,380,532 27,498,510 n.a. n.a. 

09/25/19 ................................................................ 28,832,045 28,025,451 n.a. n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

67 

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec.............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a. 

2017 - Dec.............. 22,947,777 22,020,668 - - 1,381,708 1,385,483 1,129,488 1,104,281 -217 n.a. 

2018 - Oct. ............. 28,034,953 27,250,201 - - 1,808,732 1,782,706 1,466,629 1,437,620 654 n.a. 

Nov ............. 30,070,310 29,297,565 - - 1,751,890 1,729,057 1,505,681 1,483,572 477 n.a. 

Dec ............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a. 

2019 – Jan. ............ 28,153,345 26,817,450 - - 1,581,411 1,519,164 1,388,454 1,354,611 281 n.a. 

Feb ............. 29,141,143 28,325,390 - - 1,612,538 1,562,054 1,436,922 1,403,943 505 n.a. 

Mar ............. 27,788,010 26,936,972 - - 1,630,632 1,581,428 1,465,592 1,412,243 434 n.a. 

 Apr.............. 27,616,883 26,839,549 - - 1,582,336 1,839,408 1,356,414 1,316,661 312 n.a. 

May............. 29,276,005 28,458,773 - - 1,754,795 1,686,563 1,357,582 1,319,015 213 n.a. 

June............ 28,149,837 27,217,934 - - 1,664,320 1,612,362 1,349,305 1,298,206 -1,095 n.a. 

 July............. 28,974,200 28,087,963 - - 1,611,605 1,564,197 1,337,246 1,303,182 -1,208 n.a. 

Aug ............. 29,993,056 29,138,644 - - 1,745,063 1,661,092 1,352,157 1,352,572 -654 n.a. 

Sept............ 28,535,400 27,699,856 - - 1,614,940 1,602,966 1,281,671 1,251,777 -948 n.a. 

 

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

 

2016 - Dec.................. 389,471 318,849 - - 31,554 21,574 15,484 23,106 4,224 n.a. 

2017 - Mar.................. 431,337 407,589 - - 28,169 17,729 20,518 20,835 1,350 n.a. 

June ................ 425,050 402,427 - - 21,559 14,688 16,157 19,475 1,982 n.a. 

Sept................. 409,209 386,483 - - 23,061 17,456 25,252 25,799 5,034 n.a. 

Dec.................. 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a. 

2018 - Mar.................. 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a. 

June ................ 453,783 396,708 - - 27,521 21,915 18,996 22,059 3,559 n.a. 

Sept................. 460,821 345,464 - - 23,367 20,128 14,757 15,794 3,811 n.a. 

Dec.................. 427,106 370,983 - - 23,014 25,224 26,202 25,804 2,684 n.a. 

2019 - Mar.................. 433,583 325,132 - - 21,089 21,385 21,276 20,719 1,955 n.a. 

 June ................ 453,672 345,806 - - 21,824 18,975 21,406 18,710 2,436 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

68 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

04/03/19 ............................................................................. 7,246,647 7,398,087 -326 0.8895 

04/10/19 ............................................................................. 7,294,947 7,462,305 -573 0.8876 

04/17/19 ............................................................................. 7,109,290 7,274,039 -446 0.8852 

04/24/19 ............................................................................. 7,119,299 7,291,530 -564 0.8935 

 

05/01/19 ............................................................................. 7,593,632 7,776,290 -511 0.8892 

05/08/19 ............................................................................. 7,112,117 7,254,810 -569 0.8924 

05/15/19 ............................................................................. 7,091,967 7,269,213 -603 0.8922 

05/22/19 ............................................................................. 7,237,618 7,418,911 -596 0.8964 

05/29/19 ............................................................................. 7,343,142 7,515,655 -661 0.8980 

 

06/05/19 ............................................................................. 7,507,394 7,687,811 -325 0.8895 

06/12/19 ............................................................................. 7,812,664 8,019,739 -430 0.8842 

06/19/19 ............................................................................. 7,049,521 7,213,831 -632 0.8917 

06/26/19 ............................................................................. 7,381,935 7,565,704 -265 0.8780 

 

07/03/19 ............................................................................. 7,002,065 7,211,708 -446 0.8869 

07/10/19 ............................................................................. 7,457,138 7,656,818 -458 0.8881 

07/17/19 ............................................................................. 7,295,161 7,483,293 -391 0.8903 

07/24/19 ............................................................................. 7,433,476 7,618,070 -419 0.8976 

07/31/19 ............................................................................. 7,712,821 7,903,873 -390 0.8985 

 

08/07/19 ............................................................................. 7,473,375 7,640,076 -262 0.8900 

08/14/19 ............................................................................. 7,549,299 7,707,380 -342 0.8973 

08/21/19 ............................................................................. 7,661,248 7,858,104 -433 0.9011 

08/28/19 ............................................................................. 7,943,691 8,147,325 -187 0.9022 

 

09/04/19 ............................................................................. 8,397,582 8,633,313 -160 0.9070 

09/11/19 ............................................................................. 8,471,961 8,698,635 -150 0.9090 

09/18/19 ............................................................................. 8,033,979 8,230,540 -160 0.9041 

09/25/19 ............................................................................. 8,189,631 8,369,529 -280 0.9133 

 
FOREIGN CURRENCY POSITIONS 

December 2019 

69 

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 

2017 - Dec................... 6,140,523 6,462,865 2,184,607 2,013,841 514,987 502,218 334,292 341,940 1,078 0.8318 

2018 - Oct. .................. 7,623,833 7,854,980 2,001,726 1,851,558 580,474 575,787 452,874 443,859 706 0.8825 

Nov .................. 8,223,877 8,417,443 2,140,096 1,977,647 585,145 587,287 438,586 432,353 534 0.8832 

Dec .................. 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2019 – Jan. ................. 7,614,568 7,785,062 2,408,851 2,860,784 533,299 527,125 399,161 381,167 644 0.8731 

Feb .................. 7,969,397 8,194,567 2,285,143 2,908,559 511,692 503,844 429,346 416,955 348 0.8788 

Mar .................. 7,656,329 7,863,511 2,449,565 3,107,815 527,745 510,394 445,727 435,873 341 0.8906 

 Apr................... 7,505,497 7,742,184 2,468,047 3,084,871 516,150 506,554 433,560 414,440 247 0.8928 

May.................. 7,782,004 7,995,132 2,548,407 2,720,992 517,166 506,370 423,223 402,692 242 0.8969 

June................. 7,488,424 7,703,732 2,503,573 2,452,292 549,949 536,835 396,163 385,268 352 0.8792 

 July.................. 7,902,432 8,132,971 2,646,626 2,932,669 535,896 523,093 421,509 411,597 129 0.8985 

Aug .................. 8,235,457 8,458,187 2,865,272 3,145,743 533,084 519,600 431,265 424,325 76 0.9100 

Sept................. 8,125,696 8,312,707 2,720,954 2,936,079 515,802 542,956 442,940 436,676 -48 0.9170 

 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 132,047 123,382 352,547 221,574 5,059 3,453 17,431 9,210 -392 0.9477 

2017 - Mar................... 145,378 146,517 374,527 245,027 9,239 7,718 15,482 8,084 197 0.9347 

June ................. 170,683 151,125 421,092 237,263 9,781 8,505 9,977 4,992 n.a. 0.8763 

Sept.................. 138,547 134,715 418,632 224,298 13,624 13,030 11,161 6,860 n.a. 0.8465 

Dec................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 

2018 - Mar................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 

June ................. 127,433 149,132 420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564 

Sept.................. 148,337 150,159 420,886 233,535 6,139 6,305 13,161 7,093 n.a. 0.8604 

Dec................... 120,771 151,638 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 

2019 - Mar................... 111,748 142,999 389,681 221,676 6,158 6,074 12,830 8,899 n.a. 0.8906 

 June ................. 135,915 150,900 408,853 240,502 7,475 5,406 7,338 4,434 n.a. 0.8792 

 
70 

December 2019 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of June 30, 2019, and September 30, 2019 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2019 

July 1, 2019, 

through 

Sept. 30, 2019 Sept. 30, 2019 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - - 

U.S. Government securities............................................. 22,558,264 64,179 22,622,443 

Special drawing rights 1 ........................................................... 50,898,119 (921,761) 49,976,358 

Foreign exchange and securities: 

European euro ..................................................................... 12,438,687 (491,866) 11,946,821 

Japanese yen....................................................................... 8,670,524 (21,549) 8,648,975 

Accounts receivable................................................................. 153,688 (25,986) 127,702 

Total assets.......................................................................... 94,719,282 (1,396,983) 93,322,299 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 90,508 (15,539) 74,969 

Total current liabilities ...................................................... 90,508 (15,539) 74,969 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,096,213 (949,992) 48,146,221 

Total other liabilities ......................................................... 54,296,213 (949,992) 53,346,221 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2.......................... 693,760 (431,452) 262,308 

Total capital...................................................................... 40,332,561 (431,452) 39,901,109 

Total liabilities and capital............................................ 94,719,282 (1,396,983) 93,322,299 

See footnote on the following page. 
71 

December 2019 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2019, 

through 

Sept. 30, 2019 

Fiscal year to date 

Oct. 1, 2018 

through 

Sept. 30, 2019 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange .......................................................... (511,935) (203,000) 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... (35,481) (41,376) 

Net income (+) or loss (-): 

SDRs.............................................................................. 4,135 17,874 

U.S. Government securities........................................... 120,301 518,893 

Foreign exchange .......................................................... (8,472) (30,083) 

Income from operations ................................................. (431,452) 262,308 

Net income (+) or loss (-)........................................... (431,452) 262,308 

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

December 2019 

75 

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) .............................................................................................................. 80 

less: 

 

Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 14 

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 66 

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024)............................................................................................................................ 151

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) .............................................................................................................. 31 

less: 

 

Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 4 

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 27 

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024)........................................................................................................................... 26 

Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. 
December 2019 

76 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
GLOSSARY 

December 2019 

77 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts

of outstanding long-term notes or bonds, rather than selling

new security issues. (See Reopening.)

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

December 2019 

78 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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